NEW DELHI: The finance ministry has asked all the ministries and departments to expedite the process of asset monetisation, instead of leaving this to a few central government entities. So far, central agencies have raised around Rs 40,000 crore from monetisation of assets, against the target of Rs 1.6 lakh crore for the current financial year, sources said.
TOI has learnt that the coal ministry leads the list by raising around Rs 15,000 crore by monetising its assets, followed by the highways ministry (Rs 11,000 crore). Shipping ministry has raised around Rs 4,000 crore from monetisation of port assets. Sources said mines and power ministries have raised nearly Rs 2,700 crore and Rs 2,000 crore, respectively.
Railway ministry has raised around Rs 1,800 crore so far and needs to speed up the process. Officials said railways, petroleum and natural gas, telecom and sports ministries have been directed to step up asset monetisation to meet the target. They added that finance minister Nirmala Sitharaman took stock of the progress in a recent review meeting and nudged ministries to push the plan to achieve the target.
The target of Rs 1.6 lakh crore is higher than Rs 96,000 crore achieved during the last financial year. The target for last fiscal was Rs 88,000 crore.
“Since we have barely four months left, ministries have been asked to come up with the roadmap within a week for hastening monetisation,” said an official. Fund generated from monetisation of assets holds key to the government’s thrust to push for more capital expenditure.
TOI has learnt that the coal ministry leads the list by raising around Rs 15,000 crore by monetising its assets, followed by the highways ministry (Rs 11,000 crore). Shipping ministry has raised around Rs 4,000 crore from monetisation of port assets. Sources said mines and power ministries have raised nearly Rs 2,700 crore and Rs 2,000 crore, respectively.
Railway ministry has raised around Rs 1,800 crore so far and needs to speed up the process. Officials said railways, petroleum and natural gas, telecom and sports ministries have been directed to step up asset monetisation to meet the target. They added that finance minister Nirmala Sitharaman took stock of the progress in a recent review meeting and nudged ministries to push the plan to achieve the target.
The target of Rs 1.6 lakh crore is higher than Rs 96,000 crore achieved during the last financial year. The target for last fiscal was Rs 88,000 crore.
“Since we have barely four months left, ministries have been asked to come up with the roadmap within a week for hastening monetisation,” said an official. Fund generated from monetisation of assets holds key to the government’s thrust to push for more capital expenditure.
