Government's Disinvestment Programme

MY PROFILE:

I introduce myself as a Chartered Accountant with 20 years ‘of post qualification experience. I worked in companies of repute and presently working as General Manager (F&A) in Greenko Energies Pvt Ltd, Hyderabad. Our company was predominantly into renewable energy sector and implementing couple of hydro and biomass projects in the States of Andhra Pradesh & Karnataka. Now I wish to send my comments on budget proposals relating to government’s proposed divestment progam during current fiscal and accordingly, my reactions are as under:

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GOVERNMENT’S DIVSTMENT IN PSUs

The Economic survey presented to the Parliament during last week was candid in carrying out major reforms to achieve targeted GDP growth rate of at least 6%. However, the budget presented to the Parliament today has indeed disappointed pro-reformists. For instance, the Finance Minister proposed to mobilize only Rs. 1,120 cr during current fiscal through divestment of government’s stake in certain PSUs. This is a meager amount considering big opportunity that is available to the Finance Minister. As suggested in the pre-budget survey, government should have gone up disinvestment programme to generate at least Rs.10,000 crores. This is certainly possible without diluting its stake below the 51% limit. It is suggested to have rethink on this proposal once again and by doing so the Congress would not invite the ire of opposition from other coalition partners.

KNVS SUBRAHMANYAM

CHARTERED ACCOUNTANT

GM (F&A)

GREENKO ENERGIES PVT LTD

HYDERABAD

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