New Delhi, Nov 14 (PTI) Union Heavy Industry and PublicEnterprises Minister Anant Geete today denied reports that thegovernment was demanding hefty dividend from a few reluctantstate-owned firms to bridge any tax shortfall this year.
He clarified that there is no undue insistence being madein this regard.
"We are not insisting much on dividend, but all ourcentral public sector enterprises are paying satisfactorydividend," Geete told PTI.
Recent reports suggested that the finance ministry haddemanded a dividend payout between 30 per cent and 100 percent from 12 of the state-owned firms from their 2016-17 or2017-18 net profit, share buybacks or bonus shares.
According to estimates, the Centre has budgeted USD 21.8billion in dividend payouts from all state firms in thecurrent financial year, slightly less than the previous year.
However, businesses have experienced disruptions of late,stemming from the government's move to demonetise high-valuecurrency notes a year ago and the rollout of goods andservices tax in July.
Central public sector enterprises may only finalise theirfull dividend payouts for the current fiscal in September nextyear.
Besides, the minister said efforts are being made tofinalise the Industry 4.0 policy within the next six months.
"The fear is that in the race to become multinationals,domestic firms should not forget India," Geete said in alighter vein, adding that a majority of India Inc was pursuinginternational projects, especially in Africa.
Addressing a conference organised by CII here, theminister assured the government's support to domesticcompanies to help realise their ambition to become MNCs.
He also said the government plans to spend Rs 3,000 croreto implement various programmes under the Capital GoodsPolicy. PTI RSNARD.
This is unedited, unformatted feed from the Press Trust of India wire.