The last four months of the financial year 2018-19 will be crucial for the government to balance its books, with the Centre so far achieving less than a fifth of its budgeted Rs 80,000 crore disinvestment revenues for this year.As on November 8, the government garnered Rs 15,247 crore as disinvestment proceeds, government data showed. This includes Rs 5,218 crore from Coal India share sale, Rs 1,700 crore from initial public offering (IPO) of Mishra Dhatu Nigam, RITES, IRCON International and Garden Reach Shipbuilders and Engineers.The government was also able to raise Rs 8,325 crore from Bharat 22 ETF (Exchange-Traded Fund), which is similar to mutual funds.Close Proceeds from the finance ministry’s department of investment and public asset management (DIPAM) comprises a significant, part of non-tax revenue for the Centre. A higher receipt from disinvestment is crucial as there is uncertainty regarding in meeting the indirect tax collection target, mainly from Goods and … [Read more...] about Last minute dash likely as disinvestment proceeds far short of Rs 80,000 cr target
On August 15, 2014, in his first Independence Day speech from the Red Fort’s ramparts, Prime Minister Narendra Modi announced that the government would replace the Planning Commission with a new body.The announcement paved the way for bringing the curtains down on a 64-year old institution founded on the former Soviet Union's command-style development model.Modi did not name the institution, which he said will give a "new direction to lead the country based on creative thinking, public-private partnership, optimum utilisation of resources, utilisation of youth power of the nation, to promote the aspirations of state governments seeking development, to empower the state governments and to empower the federal structure".Close Four-and-a-half months later, the NITI (National Institution for Transforming India) Aayog was set up, setting the stage to for a creating the government’s go-to policy think tank, abandoning the earlier one-size-fits-all approach to contemporary … [Read more...] about Modinomics | NITI Aayog – the much needed upgrade to Planning Commission
Criticising the government over its decision on disinvestment of BPCL and other companies, the Congress on Thursday accused it of "selling the country".The Cabinet on Wednesday approved a strategic divestment of the government's 53.29 per cent stake in BPCL, along with transfer of certain management control. This is excluding BPCL's equity share holding of 61 per cent stake in Numaligarh Refinery."They did not create anything, but will sell everything. This is called selling the country. If there is Modi, it is possible," tweeted Randeep Surjewala in Hindi.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app. … [Read more...] about Congress hits out at BPCL disinvestment decision, says govt ‘selling the country’
Industry body FICCI on Thursday hailed the centre's go-ahead to the sale of its stake BPCL, SCI and Concor stating that the move would strengthen the performance of these companies and bring in fresh investments for both modernisation and expansion."It is encouraging to see the government take further steps to push the reforms agenda as well as address some of the critical pain points of industry.The decision to undertake strategic disinvestment and transfer management control in entities like Shipping Corporation of India (SCI), Bharat Petroleum Corporation Limited (BPCL) and Container Corporation of India (Concor) are welcome," Ficci President Sandip Somany said in a statement.Close Further, the decision to give greater operational authority to the board of National Highways Authority of India (NHAI) and enabling it to securitise user fee receipts for raising long-term funds from banks is another major positive, Somany said. related news IOC, other PSUs not to bid for … [Read more...] about Stake sale in BPCL, SCI, Concor to strengthen firms, bring in fresh investments: FICCI
After a fantastic year for Indian equity markets, domestic mutual fund industry experts are hoping for another blockbuster year in 2018.The year 2017 was one of the best years for mutual funds in recent years as the industry matured and attained some level of sustainability. In fact, this was the best ever year for Indian retail investors because unlike most of the previous bull runs, which were led by FIIs, this one was led by domestic retail inflows.The Indian markets were on a roll in 2017 with indices delivering around 27-28 percent return between January and December. Indices clocked fresh milestones frequently after Nifty first hit an all-time high of 10,000 in July. The Nifty has largely traded above the 10k-mark since then, running parallel to the Sensex, which hit 34,000 for the first time on December 26.Close Domestic investors have really been the big drivers for this market, especially through the mutual fund (MF) route. In nine out of the 11 months till November, equity … [Read more...] about MFs had a terrific run in 2017, but can they create wealth for investors in 2018?