Disinvestment: Plans afoot to raise Rs 1 lakh crore in FY21
Strategic sales in fuel retailer-refiner BPCL, Container Corporation (ConCor) and IDBI Bank would be completed in the year, an official source said.
CPSEs keep normal capex pace in Covid-19 times, but daunting task ahead
This is a creditable achievement, as it reflects that these companies have managed to hold on to the capex pace shown in recent years in the first half, despite the Covid-19 shock.
LIC IPO: Mega initial public offering of LIC not likely in current financial year
LIC has a lion’s share in India’s insurance business with close to 70% first-year life insurance premia fetched by it, thanks partly to the comfort of sovereign guarantee.
Q3 Plans: Centre extends spending curbs on regular budgetary expenditure to make room for stimulus 2.0
“With a view to managing the cash flows, it has been decided to retain and continue with the same expenditure management measures, stipulated for Q1 and Q2, for Q3,” the finance ministry said in an office memorandum to ot
Balancing balance sheet: Cesses, surcharges help window-dress govt accounts
A few other instances that show the rampancy of the practice of short-transfer/mis-appropriation of cess funds.
Air India sale: Allow bidders to quote own terms, says panel
Under the current plan, the buyer is required to take over the airline’s estimated residual debt of Rs 23,286 crore.
Vicious cycle: CPSEs owe a lot, but deprived of much larger dues
So, if the CPSEs, on their part, have not cleared a large portion of their dues to the industry (public and private), and the outstanding amount touched Rs 60,500 crore at March end, 2020, it is due to this vicious cycle of d
Cost control: Centre asks autonomous bodies to return idle funds parked in their bank accounts
Mindful of its fragile fiscal position, the government of late applied brakes on certain spending. Its expenditure in July grew just 6% on year, compared with 46% growth achieved in June and the budgeted spending growth of 13
Analysts ask for clarity at the earliest to calm bond yields
While there is no official word yet, deficit monetisation can potentially be in the range of Rs 4-5 lakh crore.
Capex crawls: Despite lower tax revenue, states give timely leg-up to public spend
Despite tax revenue falling by a fifth, 10 states reviewed by FE reported 7% expenditure growth in Apri-July
Finmin clarification: ‘We haven’t delayed payments of Rs 7 lakh crore’
As on March 31, 2020, state discoms had owed Rs 91,860 crore to power generating companies; the dues increased to Rs 1.17 lakh crore as on July 31.
Forget stimulus, clear your dues: Rs 7 lakh crore unpaid dues to industry by central govt depts and PSUs
If the Centre’s dues of Rs 2.5 lakh crore to the Food Corporation of India (FCI) are added, as on March 31, 2020, the unpaid dues by the government to various economic players could climb to around Rs 9.5 lakh crore or 4.2%
Niti Aayog bats for major bank consolidation, recommends selling of Uco, BoM, Punjab and Sind Bank
The government has stated that a maximum of four state-run players will be allowed in each of the ‘strategic sectors’, a list of which will soon be placed before the Cabinet for clearance.
Air India privatisation: At least 6, including Lufthansa and Etihad, in race for Maharaja
While NRIs have been allowed to own 100% in AI, the government has retained a provision that substantial ownership and effective control of the airline must remain with an Indian entity.
Cash-rich ESIC asked to set up more hospitals, make its facilities available to public
Given ESIC's Rs 80,000-crore reserve funds, it is also being nudged to build more modern hospitals across the country and provide cashless healthcare services to attract people with health insurance coverage.
Sugar-coating: Mills to get higher prices to offset hike in cane rates
While the increase in the minimum sale price at the factory gate is expected to improve mills’ cash flow in a market already awash with supplies, the hike in the cane FRP will raise their costs.
Stimulus 2.0 expected by September-October: To likely focus on employment guarantee for urban poor
Unlike the rural job guarantee scheme, where most of the budget cost are attributable to wages, material component will be high in the urban scheme as most structures to be created under it will be durable.
PSUs struggle to meet FM Nirmala Sitharaman’s target for capital-spend
This delayed floating of tenders, addressing technical specification issues, transportation of equipment and travel of technical experts.
Demand Revival: Niti Aayog may recommend govt to purchase 60,000 buses
In the global financial meltdown year 2008-09 and later in 2014-15, the government had bought/sanctioned purchase of a total of over 22,500 buses under JNNURM (later renamed as AMRUT). The said purchase aided auto majors like
Government working on a plan to revamp India Post; could soon turn into a full fledged bank
Loss-making India Post, having a size and workforce hugely disproportionate to its shrinking role, may reinvent itself by becoming a full-fledged bank.
PSUs slam break on expenditure, cut capital spending by half
The CPSEs, under government prodding, have set a target to invest about Rs 4.5 lakh crore from their internal accruals and borrowings in FY21
Privatisation policy: Explicit immunity to only handful of PSUs — Check list
Others, including the PSU biggies in the energy, engineering and capital equipment sectors, not to mention those in non-strategic sectors like hotel and tourism and trading, could go under the hammer as and when their turns c
Air India to send section of employees on leave without pay to stem losses
Air India's salary expenditure is estimated to be about Rs 250 crore/month while the aircraft lease rentals outgo is around Rs 225 crore/month.
After recovering to half of normal, states’ tax revenue plateaus
The alcohol excise revenue of Uttar Pradesh was about 77% of the budget target in June, up 59% of the target in from May and just 1.2% in April.
Govt extends curbs on budgetary expenditure, move to help fund the fiscal stimulus
The departments which will now have to restrict the overall expenditure within 15% of BE Q2FY21 include commerce, industry, telecom, defence (civil), housing & urban affairs, school & higher education, water resources, drinki
Early adjustment: Centre cuts June tax transfers to states by 9%
The customary pattern is the Centre makes adjustments on state tax transfers based on actual receipts only during February-March, the final two months of a financial year.
Saviours In Action: CPSEs keep capex pace, meet 90% of FY20 target
In FY20, state governments developed cold feet in sustaining the capex tempo, but CPSEs, despite an erosion of their cash surplus and profits in a slowing economy, acquitted themselves.
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