As a result of the Covid-19-related crisis and in great distress, Narendra Modi’s government is determined to sell many listed companies. He hopes to attract nearly 20 billion euros by 2022.
A kind “Quantum Leap”. This is the expression used by Ajay Bhushan Pandey, the budget director of India’s Ministry of Finance, to express the country’s vision of the scale of privatization that the country has decided to undertake in the coming months. The 60-year-old senior official from New Delhi knew what he was doing. He has served as tax director until March 2020. Sadly, he has witnessed the growth rate of the South Asian giant (1.38 billion inhabitants), which has declined month by month long before the SARS-CoV-2 virus appeared, leading to a decline in national tax revenue .
In order to get the subcontinent back on its feet, even though the second wave of Covid-19 has swept the world at an alarming rate since mid-February, Mr. Pandey knew that recovery must be funded by pulling funds out of a drawer. By 2020, with the increase in corporate bankruptcies, the soaring unemployment rate and the sharp decline in household consumption, tax revenues have fallen by half compared to expectations. There is no longer the issue of continuing to implement public asset management policies in recent years, and the goal of privatization revenue has never been achieved. No, this time the nationalist government led by dictator Narendra Modi wants to sell everything.
Ajay Bhushan Pandey (Ajay Bhushan Pandey) is the main architect of the fiscal year 2021-2022 fiscal year, which was submitted to the Council of Ministers on January 1.Yes In February, it was deemed necessary to do a proper virtue. In the income column, with the approval of the Minister of Finance Nirmala Sitharaman, he entered 1,750 billion rupees (19.5 billion euros) under the heading “Strip, privatization and monetization of assets”.
Among the family jewels that will be divested in the next twelve months are two state-owned banks-Bangalore’s IDBI and Pune-based Bank of Maharashtra-and many industries and services: shipping companies Shipping India Company; Indian Freight Company Container Company, a subsidiary of Indian Railway Company, is also selling; construction machinery manufacturer Bharat bulldozer; helicopter transportation company Pawan Hans and mineral operator Neelachal Ispat Nigam. India is going to auction.
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