The Modi Government plans to raise as much as US$ 47.4 billion in the next five years – by reducing the stakes in large state owned firms. It will include those in the oil, gas and power sectors.
I think this must be the country’s biggest privatisation move in more than two decades.
Finance Minister Ms Nirmala Sitharaman, in her maiden budget announced that there will be reduction in direct controlling of stakes in some state- run firms.
In its previous term, the government sold stakes in a host of companies to raise US$ 40.92 billion which was three times that of the previous government.
The government has identified several state-owned firms, including explorer Oil and Natural Gas Corp, oil refiner Indian Oil Corp, gas transmitter GAIL (India) Ltd, power producers NHPC Ltd and NTPC, miners NMDC Ltd and Coal India, and Bharat Heavy Electricals Ltd.