March 18, 2021
In 2014, Modi promised the people of the country that he would not let the country sell. But since becoming Prime Minister, Narendra Modi has flown 131 companies in the country like Gujarat. Each department is planned to sell another 100 companies next year. In which many companies working in Gujarat are being sold by the government.
A two-day strike was recently called by a bank employee against the merger and privatization of public sector banks. Now, the Modi government at the Center is planning to sell its stake in LIC, the country’s largest state-owned insurance company, and has been opposed by insurance companies. According to the data, the Modi government has been at the forefront of all the governments so far in terms of disinvestment.
131 companies sold in the last 7 years.
On the one hand, the Modi government is making big talk about promoting manufacturing at the local level under Make-in-India, while on the other hand, it is prioritizing the sale of bets to public sector companies and privatization. In May 2014, a BJP government was formed in India under the leadership of Prime Minister Narendra Modi. Since then, the Modi government has sold bets in 131 public sector companies. The government has raised more than Rs 3.51 lakh crore through this disinvestment. The highest amount of money raised by any government through disinvestment.
7 years of disinvestment of Modi government
Financial Year – Disinvestment Target – Amount Received – How many shares of company were sold
2014-15 – 58,425 – 24,348 – 8
2015-16 – 69,500 – 23,996 – 9
2016-17 – 56,500 – 46,246 – 21
2017-18 – 72,500 – 1,00,056 – 36
2018-19 – 80,000 – 84,972 – 28
2019-20 – 90,000 – 50,298 – 15
2020-21 – 2,10,000 – 21,302 – 14
2021-22 – 5 lakh crore – 2 lakh crore – 100 companies can be
(Source: DIPAM, figures in crores of rupees)
It may be recalled that in 1991, when India was facing an economic crisis, the government decided to raise funds by selling its stake in public sector companies. In the 30 years since then, governments have raised more than Rs 4.89 lakh crore through disinvestment. The Modi government has gained the most money by selling its stake in public sector companies.
It may be mentioned that every year, the central government sets the disinvestment target for the year in the budget. This time the disinvestment target for 2021-22 has been set at Rs 1.75 lakh crore in the Union Budget. Under this, shares of IDBI Bank, Bharat Petroleum Corporation Limited, Shipping Corp, Container Corp, Nilanchal Ispat Nigam Limited, Pawan Hans, Air India and other companies will be sold in the new financial year. Therefore, the government had set a disinvestment target of Rs 2.10 lakh crore for the current financial year 2020-21.