The federal government has introduced Division of Public Enterprises (DPE) below the Finance Ministry in a bid to facilitate its bold disinvestment programme.
Earlier, DPE was a part of Ministry of Heavy Industries and Public Enterprises.
“Ministry of Finance (Vita Mantralaya), after the sub-heading (v) Department of Financial Services (Vittiya Sewayen Vibhag), the following sub-heading shall be inserted, namely:- (vi) Department of Public Enterprises (Lok Udyam Vibhag) ” as per the Cupboard Secretariat notification dated July 6, 2021.
The gazette notification issued stated these guidelines could also be known as the Authorities of India (Allocation of Enterprise) Three Hundred and Sixty First Modification Guidelines, 2021.
“They shall come into force at once,” the notification stated.
With the addition, this would be the sixth division below the Finance Ministry.
Therejig comes forward of Cupboard growth slated later within the day.
Finance Minister Nirmala Sitharaman in her Finances 2021-22 had introduced a big-ticket privatisation agenda, together with privatisation of two public sector banks and one normal insurance coverage firm.
As a part of the divestment technique for the monetary sector, the federal government has determined to go for a mega preliminary public providing (IPO) of Life Insurance coverage Company of India (LIC) and residual stake sale in IDBI Financial institution throughout the monetary yr starting April.
The federal government has budgeted Rs 1.75 lakh crore from stake sale in public sector corporations and monetary establishments throughout 2021-22.