Disinvestment Current Affairs, GK & News
Disinvestment involves the sale or liquidation of assets or subsidiaries. The disinvestment of public sector undertakings involves selling of PSUs’ assets via public offerings or bidding. Such asset sales can either reduce the government’s share or transfer the ownership to a private entity. This is done to improve efficiency of the PSUs’ functioning and reduce budget deficit. The “disinvestment target” is annually set by the Finance Minister. This year, less than 3% of targeted revenue was generated via disinvestment.
The Union Cabinet recently approved an amendment to the ‘Foreign direct investment policy on civil aviation’, which allowed Non-resident Indians (NRIs) to acquire 100 per cent equity stake in Air India under the automatic route. Prior to this amendment, only 49 per cent was available for sale to NRIs in Air India. After the proposed ..
On February 5, 2020, the Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan and the Chairman of Rosneft (Russia’s largest oil producing company) signed the first ever term contract. According to the contract India will import 2 million metric tonnes of Urals grade crude oil. Highlights The agreement was signed between IOCL and Rosneft. ..
Category: International Current Affairs
In the Union Budget 2020-21, the Government has set its disinvestment target at ₹ 1.2 Lakh Crores for the fiscal year 2020-21. The government also expects ₹90,000 crore revenue from disinvestment of government stake in public sector banks and financial institutions, including the LIC and IDBI bank. This is in addition to the 1.2 Lakh Crore ..
Union Government will launch India’s first fixed income Exchange Traded Fund (ETF) comprising debt securities of large central public sector enterprises (PSUs) by mid-December 2019. It will comprise only AAA-rated papers of the PSU companies. It is expected to have a size of Rs 15,000 crore to Rs 20,000 crore. It is expected to improve ..
Category: Economy & Banking Current Affairs
The Cabinet of PM Narendra Modi approved disinvestment of BPCL along with Shipping Corporation of India (SCI), Container Corporation of India (CONCOR), Tehri Hydro Development Corporation India Limited (THDCIL) and North Eastern Electric Power Corporation Limited (NEEPCO). The GoI has agreed to sell its stakes in the above PSUs Highlights The GoI plans to sell ..