he government is set to revamp over 200 state-run companies to boost their profitability, shifting away from Prime Minister Narendra Modi's slow-moving privatisation drive, reported Reuters.
The 2021 plan to privatise a part of India’s $600 billion state sector had stalled before the general election and is now facing more challenges.
Finance Minister Nirmala Sitharaman is expected to reveal the new plans in the annual budget on July 23. The plans involve selling large amounts of unused land owned by these companies and monetising other assets, according to two officials familiar with the policy. Some details are still being finalised.
The goal is to raise $24 billion in the current fiscal year (April-March) and reinvest the funds into the companies, setting five-year performance and production targets instead of short-term goals.