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Disinvestment programme to be out in a month

Jul 15, 2009 08:41 PM IST Business Business

New Delhi: 'Beauty lies in the eyes of the beholder' is how the Finance Secretary, Ashok Chawla defined Union Budget 2009 - a Budget that disappointed many with its lack of clarity on the Government's disinvestment programme.

Finance Minister Pranab Mukherjee had then said that the Government will hold 51 per cent stake in public sector units and will continue to support the bleeding insurance and banking sector, but on Wednesday the Finance Secretary had some good news for the industry.

Ashok Chawla said, "The roadmap for the disinvestment programme will be ready in the next three to four weeks."

Sources say that the Government is likely to generate Rs 10,000 to Rs 15,000 crore through divestment in this fiscal alone. That will be a small relief for the Government as it is expected to continue borrowing around Rs 15,000 crore every week.

"We are in talks with certain ministries and will be out with the details very soon," said Ashok Chawla.

Finance Ministry officials say that the Government plans to divest 10 per cent initially in those firms where it has a 100 per cent holding. Sources say Finance Ministry officials are in talks with other ministries including Coal, Mining and Telecom.

In the case of the Budget, it is beauty that is perceived by millions.