Budget 2018 disinvestment: Modi government achieves historic first, aims more on February 1

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New Delhi | Updated: January 26, 2018 1:52:28 PM

Budget 2018: The Modi government's Union Budget will be presented on February 1. Finance Minister Arun Jaitley will present Budget 2018 in Parliament. The last full budget of the BJP-led NDA government before the 2019 Lok Sabha polls is crucial.

fm jaitley and pm modi will look to address issues in budget 2018Budget 2018: It has been learnt that the Modi government is likely to set a disinvestment target for 2018-19 of staggering Rs 1 lakh crore.

Budget 2018: The Modi government’s Union Budget will be presented on February 1. Finance Minister Arun Jaitley will present Budget 2018 in Parliament. The last full budget of the BJP-led NDA government before the 2019 Lok Sabha polls is crucial. Budget 2018 expectations have reached its zenith. The Modi government will be looking forward to addressing an array of issues. Issues like agriculture distress, income tax exemption and other. It has been learnt that the Modi government is likely to set a disinvestment target for 2018-19 of staggering Rs 1 lakh crore.

This is because of the success of disinvestment proceeds in 2017-18. “FY18 has been very good for us as we raised record amount through disinvestment and listing of unlisted firms. The government will aim for a higher target next year through this mechanism and it may even be over Rs 1,00,000 crore,” an official was quoted as saying. This is to strengthen the country’s economy.

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Ahead of the Budget 2018, the Modi government has successfully met its ambitious disinvestment target in 2017-18. The central government has managed to raised a record Rs 91,253 crore as against the target of Rs 72,500 crore for the year. Notably, this is for the first time ever that the government has met its target. This will be big boost for the Modi government ahead of Budget 2018. This is higher than budgeted disinvestment receipts should help the government in closing the shortfall in other sources of non-tax revenue. The government has estimated to receive Rs 74,901.25 crore as dividend or surplus from the RBI, national banks and financial institutions in the current financial year.

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Ahead of the Budget 2018, a crucial disinvestment took place. ONGC has bought the government’s entire 51 per cent stake in Hindustan Petroleum Corporation Ltd for Rs 36,915 crore.

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Earlier this month, the Modi government had said that the disinvestment process for Air India is proceeding expeditiously. A group of ministers is in the process of finalising the contours for the proposed strategic stake sale in the national carrier and expression of interest is likely to be invited from bidders soon. Debt-laden Air India is staying afloat on taxpayers money. “The process of disinvestment is proceeding expeditiously,” Civil Aviation Secretary R N Choubey had said, according to report. This is big ahead of Budget 2018.

It has been learnt that the Budget Session of Parliament will begin on January 29. President Ram Nath Kovind is set to address the joint sitting of the two Houses on January 29. Notably, the first phase of the session will commence from January 29 and end on February 9. After a recess, Parliament will meet again on March 5 and will continue till April 6.

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