Indian government raises Rs 16,509 crore by selling stakes in companies in 2023-24

New Delhi: The Indian government has raised 165 billion rupees ($1.98 billion) in 2023-24 by selling its stakes in about 10 state-run companies, official data showed, about 9 per cent lower than its internal target of Rs 18,000 crore.

Prime Minister Narendra Modi's ambition of privatising state-run firms has taken a back seat due to general elections that start on April 19.

Modi's government has met its privatisation and minority stake sale target only twice in the last decade, even though his government's track record is better than any previous administration.

His government has not set a target for the current financial year, which starts on April 1, in a break from usual practice.

However, lower stake sale receipts have been partly made up by higher dividends that the government received from state-run companies.

In 2023-24, the government received about Rs 63,000 crore as dividends, above its target of Rs 50,000 crore, government data showed.

($1 = 83.3150 Indian rupees)