Government To Sell Air India & Bharat Petroleum Before March, 2020

Government To Sell Air India & Bharat Petroleum Before March, 2020

The Finance Minister Nirmala Sitharaman has announced the Government’s plans to complete the sale of the ailing state run companies Air India and Bharat Petroleum Corporation Limited (BPCL) by March 2020.

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Air India and Bharat Petroleum Corporation Limited were going through heavy losses concluding the Government’s decision to sell them. In 2018, the government put up 76% of Air India for sale, which saw a weak demand from investors.

This is the government’s second attempt to sell their stake in Air India. The privatisation of the national carrier and oil refiner is expected to help the Government meet its divestment target of Rs 1 lakh crore in the current fiscal year, as India continues to tackle a steep demand slowdown.

Nirmala Sitharaman also said that the government is on the right track towards resolving the economic slowdown and added that several sectors are now coming out of distress. She said that the consumer sentiment was improving adding that Rs 1.8 lakh crore in loans had been sought from banks at the outreach programme during the festival season.

The finance minister said industry captains had helped improve their balance sheet and many of them were planning fresh investments. She also told that there were lot of interest among investors for Air India, as seen during international road shows.

The minister also talked about taxation. She expected Goods and Services Tax collections to bounce back citing improvement in some sectors and recent steps taken to provide a boost to the ailing economy.

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