FM pegs FY divestment target at Rs. 30,000 crore

BANGALORE, INDIA: Finance Minister Pranab Mukherjee has set the divestment target for 2013 at Rs 30,000 crore, as against Rs 40,000 crore in 2010-11 and 2011-12.

Notwithstanding the auction of Oil and Natural Gas Corporation shares, the government has garnered Rs 13,911 crore from disinvestment in 2011-12. Now, the total disinvestment money this year is likely to be around Rs 14,000 crore only.

Finance minister Pranab Mukherjee has proposed to cut down government's subsidy burden and called for expediting the pace of economic reforms.

Presenting the Union Budget 2012, finance minister Pranab Mukherjee said that: "GST will be implemented in August 2012. There will be a shared platform for registration and returns filing across all states. It's necessary to take some hard decisions. Some subsidies are invetible."

Budget highlights

1.FY12-13 GDP expected to grow 6.9pc

2. Expect inflation to come down shortly

3. FY 13 Focus on domestic demand

4. Nandan Nilekani's recommendation to improve technology in food subsidy accepted

5. Govt to retain 51 pc in PSUs

6. Tax relief for retail

7. Rs 15888 crore allocated for banks

8. Considering 49 pc FDI in airlines

9. FY 13 divestment target Rs 30000 crore

10. GST network to start in August

11. To present new micro Finance Bill

12. Slowdown attributed to slow industrial growth.

13. DTC implementation defereed

14. Companies initiating IPO for Rs 10 cr or more, will be in electronic form

15. FM pegs FY divestment target at Rs. 30,000 crore