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  • Home
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  • DAILY CURRENT AFFAIRS:Government of India empowers the CPSE boards to decide on disinvestment and closure of units

Government of India empowers the CPSE boards to decide on disinvestment and closure of units

Tags: Economy/Finance

Government of India in a bid to boost the process of disinvestment in the Central Public Sector Enterprises (CPSE) has empowered the board of directors of CPSE to recommend and undertake the process for Disinvestment (both strategic disinvestment and minority stake sale) or closure of any of their subsidiaries, units or joint ventures.

  • According to the Government the process for undertaking the strategic disinvestment transactions / closures to be followed by the PSEs should be open, based on the principles of competitive bidding and consistent with the guiding principles to be laid down. 
  •  For strategic disinvestment, such guiding principles will be laid down by the Department of Investment and Asset Management (DIPAM) under the Ministry of Finance.  
  • For closure of CPSE, Department of Public Enterprises (DPE) under the Ministry of Finance shall issue guiding principles.
  • In the 2022-23 Union Budget the Government of India has set a disinvestment target of Rs 65,000 crores.
  • In 2021-22 the total money raised by the Government of India through disinvestment was Rs 13,531 crore against the target of Rs 78,000 crore. 

Concept Clearing 

Disinvestment 

 When the Central Government or the State Government sell its equity shares in Public sector companies, or company's assets to a private company or person is called as disinvestment in India 

Strategic Disinvestment: 

When the government decides to transfer the ownership and control of a public sector company to some other entity, either private or public, the process is called strategic disinvestment.

Joint Ventures 

When two or more companies or persons form a new company to start a business or a project is called a Joint Venture. The partners of the joint venture share the risk associated with the business or projects and also its profits.

DIPAM (Department of Investment and Public Asset Management)

It comes under the Union Ministry of Finance, Government of India 

It was earlier called the Department of Disinvestment which was later renamed as Department of Investment and Public Asset Management in 2017.

Function 

It deals with all matters relating to management of Central Government investments in equity including disinvestment of equity in Central Public Sector Undertakings. 

The Four major areas of its work relates to Strategic Disinvestment, Minority Stake Sales, Asset Monetisation and Capital Restructuring.


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