According to junior finance minister Bhagwat Karad, the Indian government is expected to meet its fiscal deficit target of 5.9% of GDP in the fiscal year 2023–2024.
According to figures issued by the government last month, India’s budget deficit for the first seven months of the fiscal year that ended on March 31, 2024, was Rs 8.04 lakh crore ($96.86 billion), or 45% of the estimate for the entire year.
But as of December 13, the government has only received Rs 10,050 crore from the sale of shares in government-run businesses, compared to its full-year target of Rs 51,000 crore, Kar.
The amount of real proceeds from divestment during the current financial year 2023–24 is impossible to predict because of a number of variables, including investor appetite and market conditions, according to Karad.
As per Reuters’ report last month, the Indian government is likely to fall short of its objective of raising even half of the revenues from the planned sales of state-run enterprises this year, and it may miss its stake sale target for the fifth consecutive year.
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