Stating that the disinvestment target of ₹ 1.75 lakh crore in 2021-22 is “ achievable ”, Chief Economic Advisor (CEA) KV Subramanian said on Saturday that the proposed Initial Public Offering (IPO) LL would only be ₹ Can be prepared for 1 lakh crores. Government.
He also said that the Reserve Bank of India (RBI) has helped bring down inflation volatility and levels by targeting retail inflation.
RBI’s Monetary Policy Committee has been mandated to maintain annual inflation of 4% by 31 March 2021, with an upper tolerance of 6% and a lower threshold of 2%. Speaking at a virtual conference organized by Jan Small Finance Bank, CEA said that the disinvestment target of FY 1.75 lakh crore for FY 22 was actually set at 10 2.10 lakh crore for the current financial year ending 31 March. is more. BPCL privatization and LIC were important contributors to the list. Estimates suggesting there-5,000-crore just ₹ 10,000 crore or more can only come from the privatization of BPCL. LIC IPO could fetch around ₹ 1 lakh crore, ”he said. Regarding the IPO of LIC, the Center has already amended the LIC Act passed by Finance Bill 2021 in Parliament.
“These are the numbers (disinvestments) that are imminent receivables as work on many of these started and will be completed in FY22.”
Recalling Prime Minister Narendra Modi’s statement on privatization, he said that these are signature changes that are happening.
Prime Minister Modi said last month that the government has no business and that his administration is committed to privatization of all public sector undertakings except the bare minimum in four strategic areas.
Mr. Subramanian also emphasized that India needs more banks to fulfill its growth potential. He cited the example of the US, which has about 25,000-30,000 banks with a third of India’s population.
He said that during 2022–23, it could remain at 6.5–7 percent and thereafter to 7.5–8 percent, helped by reform measures recently announced by the government.
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