India on track to exceed ₹80,000cr divestment target this fiscal
Business
India is on track to smash its divestment goal of ₹80,000 crore ($8.4 billion) for this fiscal year, thanks to stake sales and asset deals.
The big LIC share sale brought in ₹31,550 crore ($3.3 billion), and the government also cashed in on Coal India and Indian Railway Finance Corp shares.
Plus, a long-awaited $2.5 billion IDBI Bank sale is expected this fiscal year.
Rising subsidies risk deficit RBI ₹2.87Lcr
Fertiliser import costs rising and fuel subsidies rising, especially due to Middle East tensions, India's budget is feeling the squeeze.
Subsidy spending jumped 37% compared to last year, putting the fiscal deficit target at risk.
Luckily, hefty dividends from the Reserve Bank of India have helped out, already topping full-year expectations with ₹2.87 lakh crore received so far.