PC takes a leaf out of Modi’s book

Published: 05th March 2013 10:48 AM  |   Last Updated: 05th March 2013 10:48 AM   |  A+A-


Union Finance Minister P Chidambaram said on Monday that he hoped to mop up Rs 40,000 crore through disinvestment of government stake in PSUs.

Chidambaram was interacting with netizens on Google+ Hangouts when he replied to a question posed by Mahindra and Mahindra CMD Anand Mahindra and said, “I hope to collect Rs 40,000 crore from disinvestment next year. The first disinvestment will start in April.”

The FM added that the government would raise another Rs 14,000 crore by selling residual stake in non-government companies. Chidambaram added that the government hoped to raise a total of Rs 54,000 crore in the next financial year.

The government has already garnered Rs 21,500 crore in this fiscal by way of disinvestment. Chidambaram hoped to raise Rs 27,000 crore in 2012-’13.

Chidambaram was joined in the hour-long interaction by a select group of panelists including Jahangir Aziz, Senior Asia Economist and India Chief Economist, JP Morgan, Anand Mahindra, CMD of Mahindra & Mahindra and Amit Singhal, Senior Vice-President, Google Inc. This was the first time a Union Cabinet minister had taken to the internet to interact in the virtual space.

Gujarat Chief Minister Narendra Modi however, was the first politician to use Google+ Hangouts to chat with citizens ahead of last year’s Gujarat elections. Global leaders who have utilised the medium are US President Barack Obama, Australian Prime Minister Julia Gillard and Malaysian Prime Minister Najib.

He clarified that the government’s net borrowings in the next financial year would increase by only Rs 5000 crore, the slowest hike in recent years. He said that he would monitor the investment plans of public and private sector companies that are cash-rich. “Each PSU is required to fill up that proforma, tell us what their capex targets are next year. We will monitor them closely beginning from April. Every quarter I will monitor what they are investing,” Chidambaram said adding that the GDP would be over 6 per cent in FY 14 and even more in the later years.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp