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|February 27, 1999
Govt plans to raise Rs 100 b through divestment
The government proposes to raise Rs 100 billion through the disinvestment programme of public sector enterprises. This amount will be used to fund the requirements of social and infrastructure sectors. This as stated by Finance Minister Yashwant Sinha while presenting the annual budget for the year 1999-2000.
This will not only help mobilise Rs 100 billion but also lead to improvement in productivity and profitability of these enterprises. It would also help in the further development of domestic capital markets.
To rationalise the manpower of central PSES under the Voluntary Retirement Scheme, the government plans to encourage such enterprises to raise money from banks against government guarantees and interest subsidies. The government will also encourage PSES to issue bonds to the workers opting for VRS. They, in turn, can use it as collateral for loans from the bank if they need assistance.
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