Arab Today, arab today indias new government kicks off privatisation drive
Last Updated : GMT 21:17:01
Arab Today, arab today
Arab Today, arab today

India's new government kicks off privatisation drive

Arab Today, arab today

Arab Today, arab today India's new government kicks off privatisation drive

Indian government to accelerate divestment
New Delhi - AFP

India's new right-wing government kicked off its troubled privatisation drive Friday, selling a five-percent stake in the state-controlled Steel Authority of India Ltd (SAIL) to generate revenue and plug a gaping budget deficit.
The offer of shares in the country's biggest domestic steel producer is the first in a string of asset disposals planned by the government led by Prime Minister Narendra Modi.
Analysts originally expected the sale to take place in July but the divestment programme has been slow to get off the ground.
The SAIL offer that was set at a minimum price of 83-rupees-a-share, represented a two-and-a-half percent discount to Thursday's closing price.
The government has said the SAIL sale, which will reduce the state's holding in the company to 75 percent, is expected to raise up to 17 billion rupees ($275 million).
The sale was 27 percent oversubscribed by the afternoon, according to stock exchange figures.
Finance Minister Arun Jaitley had said in his budget that the government aimed to collect a hefty 584.43 billion rupees ($9.5 billion) from the sale of holdings in state-run companies and non-government firms during the financial year ending March 2015.
But the government is likely to fall badly short of that target, partly due to strong resistance to divestment by employees of some state-run firms.
Coal India's 350,000 unionised employees, for instance, are heavily against the sale of shares in the mining giant to private investors.
Modi led his Bharatiya Janata Party to a massive election victory in May on pledges of reviving India's stumbling economy.
The government has said it wanted to accelerate divestment to raise badly needed funds to stick to the previous Congress government's ambitious goal of capping the deficit at 4.1 percent of gross domestic product, down from 4.5 percent a year earlier.
"India looks set to miss its fiscal target this year, even in the optimistic case that the government fully delivers on its plans to sell stakes in state-owned companies," research house Capital Economics analyst Shilan Shah said in a note.
The failure of the economy to generate more in tax revenues, despite a slight pick-up in growth, has made it even tougher to meet the deficit target, analysts say.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today indias new government kicks off privatisation drive Arab Today, arab today indias new government kicks off privatisation drive

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today indias new government kicks off privatisation drive Arab Today, arab today indias new government kicks off privatisation drive

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday