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FM Nirmala Sitharaman Says Air India, BPCL to be Sold by March 2020: Report

As tax collections are under stress, the government is banking on receipts from disinvestment to shore up revenues.

News18.com

Updated:November 17, 2019, 10:52 AM IST
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FM Nirmala Sitharaman Says Air India, BPCL to be Sold by March 2020: Report
Finance Minister Nirmala Sitharaman addresses a press conference in Delhi (Twitter/ANI)

Finance minister Nirmala Sitharaman has said the government is looking to wrap up the sale of Air India and oil refiner and marketer BPCL by March. In an interview with TOI, Sitharaman said there was investor interest in Air India, the sale of which had to be aborted a year ago due to lukewarm response.

As tax collections are under stress, the government is banking on receipts from disinvestment to shore up revenues. The minister added that several sectors were coming out of distress as the government had taken the right measures at the right time. The finance minister said the strategic disinvestment of the two state-run companies is critical for the government to meet its disinvestment target of Rs 1 lakh crore for the current fiscal year.

Sitharaman, however, said she expected GST collections to revive and there were signs of revival in consumer sentiment.

On the Supreme Court's recent verdict on Essar Steel, the minister said the ruling has strengthened the constitutionality and legal strength of the IBC law and this would have a significant impact on the balance sheets of banks in the next quarter.

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