Next steps on privatisation

Budget detaches the programme from fiscal needs

The Union Budget for 2022-23 differed from that of the previous year in one very important respect. The amount set aside as non-debt capital receipts was considerably lower. In fact, it was less than half the amount budgeted for 2021-22. This is essentially because the previous Budget had estimated that Rs 1.75 trillion would come in from disinvestment receipts, which is not going to be achieved. The Revised Estimates for 2021-22 suggest only Rs 78,000 crore will be raised through this. Thus, the Budget Estimates for 2022-23 have been similarly restricted, with a disinvestment target of only Rs 65,000 crore.