Privatisation of central PSEs during recession a horrible idea , says Pronab Sen
Former chief statistician Pronab Sen said that even though India s fiscal deficit will go up from 3.5 per cent to 9.5 per cent in the current fiscal ending March, but in terms of the current year s expenditure, the country is pretty much at status quo
PTI | February 18, 2021 | Updated 10:09 IST
Former chief statistician of India Pronab Sen
Privatisation of central public sector enterprises (CPSEs) in a recession time is a horrible idea as legitimate requirement of the financial sector to meet current requirement is further eroded, former chief statistician Pronab Sen said on Thursday. Participating in an event organised by industry body PHDCCI, Sen further said Finance Minister Nirmala Sitharaman did not mention world employment in her Budget Speech 2021-22.
Centre to amend two legislations on privatisation of PSU banks
These Acts led to the nationalisation of banks in two phases and provisions of these laws have to be changed for the privatisation of banks, they said
PTI | February 16, 2021 | Updated 14:45 IST
As the government has already announced the list of legislative business for the Budget session, it is expected that these amendments may be introduced in the Monsoon session or later during the year, sources added
To facilitate the privatisation of public sector banks, the government is likely to bring amendments to two legislations later this year. Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
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In the Union Budget presented last week, Finance Minister Nirmala Sitharaman announced the privatisation of two Public Sector Banks as part of its disinvestment plan.