Government to raise Rs.30,000 crore from disinvestment

After being unable to mop up even half the targeted amount in the current fiscal, Finance Minister Pranab Mukherjee Friday proposed to raise Rs.30,000 crore through stake sale in public sector undertakings in 2012-13.

Presenting the union budget for 2012-13, Mukherjee said the government will be able to raise only Rs.14,000 crore in the financial year ending March 31 as against the budgetary target of Rs.40,000 crore.

“In 2011-12, as against a target of Rs.40,000 crore, the government will raise about Rs.14,000 crore from disinvestment. For 2012-13, I propose to raise Rs.30,000 crore through disinvestment,” Mukherjee said while presenting his seventh budget.

Mukherjee reiterated that the government would continue to maintain the controlling stake of at least 51 percent in all the central public sector enterprises (CPSEs).

“Let me reiterate here that while we are committed to enhancing people’s ownership of CPSEs, at least 51 percent ownership and management control will remain with the government,” he said.