Financial Daily from THE HINDU group of publications
Tuesday, Mar 30, 2004
Financial Daily from THE HINDU group of publications Tuesday, Mar 30, 2004 |
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Industry & Economy
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Disinvestment Govt plans to raise Rs 5 lakh cr from divestment Our Bureau
Mumbai , March 29 THE Ministry for Disinvestment is preparing a plan for raising around Rs 1 lakh crore every year for the next five years, according to Mr Arun Shourie, Union Minister for Disinvestment. This is following the Prime Minister's request for tapping the capital markets in order to finance large projects in the areas of bio fuels, networking of rivers , building a knowledge economy and others, Mr Shourie said. The disinvestment of government stake through the six large public offers has proved that efficient and honest execution of projects on a large scale can be achieved in India, said the Minister today, addressing a meeting at the Bombay Stock Exchange, organised by the Indian Merchants' Chamber. "We are still in a shortage mentality and though we thought that the target of funds to be raised through the public sector disinvestments were high, we now know that it was easily achieved," he said. Detailing the lessons from his disinvestments experiences, Mr Shourie said that financial advisors are too conservative and small investors should have a healthy scepticism about advice. The UTI Index fund should be put to a more purposive use and volatility in the markets should be countered with index, he said. The response generated by the roadshows and the actual investments by foreign investors is a clear indication that the interest in India is extremely high abroad.
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