The disinvestment proceeds go into the National Investment Fund (NIF), which is beyond the Consolidated Fund Of India. The NIF right now is managed professionally by fund managers including asset management companies (AMCs) of LIC, UTI and SBI .
The finance ministry is proposing to bring the NIF into the Consolidated Fund Of India, and relieve these fund managers of their responsibility. Sources add that this will increase the government's kitty allowing the government to borrow less annually and ultimately help reduce the fiscal deficit.
Sources indicate that the finance ministry in a note moved in November proposes to use the disinvestment proceeds for recapitalisation of banks and insurance companies. In FY14 alone, PSU banks will be requiring recapitalisation of a little over Rs 17,000 crore.
The other reason for the proposed move, sources explains, is that the finance ministry has been facing criticism for selling the family silver to take care of the grocery bills.
The government's other proposals include subscription to the rights issues of PSU companies as well as to preferential allotment of PSU banks to ensure that the state's holding stays at 51 percent.
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