Categories: Business

Government will move disinvestment process in 23 PSUs with Cabinet approval: Finance Minister

Finance Minister
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new Delhi. Finance Minister Nirmala Sitharaman said on Monday that the government was in the process of selling its stake in 23 PSUs. The Cabinet has already approved proposals for disinvestment in these ventures. The minister also said that she would soon hold a meeting with small-loan companies and non-banking finance companies to review the loans given for business. Sitharaman said in a conversation with Sunil Kant Munjal, chairman of Hero Enterprises, that the government had announced the opening of all areas for private participation under the Self-Reliant India Package. He said, "I have not yet finalized it, so I cannot say anything now." But in the areas that we are going to call strategic, the private sector will definitely be allowed to come. But the number of public sector units in them will be limited to a maximum of four. "

Regarding the disinvestment plan, the minister said that the government wants to sell the stake in public sector companies when it gets the right price. Sitharaman said, "There are about 22-23 PSUs which the cabinet has already approved for disinvestment. Our intention is clear, at least for companies that have received cabinet approval. They will be disinvested. ”The government has set a target of disinvestment of Rs 2.10 lakh crore for the financial year 2020-21. Of this, Rs 1.20 lakh crore will come from disinvestment of PSUs while Rs 90,000 crore will come from stake sale in financial institutions. Regarding the credit facility provided to the industry, Sitharaman said that Micro, Small and Medium Enterprises (MSME) can avail loans under the Emergency Credit Facility Guarantee Scheme (ECLGS). He said that by July 23, 2020, public and private sector banks approved loans of Rs 1,30,491.79 crore, out of which Rs 82,065.01 crore had already been released.

This post was published on July 27, 2020 10:10 pm

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