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India Is Likely to Beat FY24 Dividend Target for State-Owned Companies by at Least Rs 12,000 Crore, According to Report

<p>According to a government source with knowledge of the situation on Thursday, the Indian government is projected to surpass its fiscal year goal for dividends from state-run enterprises by at least Rs 12,000 crore ($1.4 billion), partially compensating an anticipated deficit from share sales.</p>
<p><img decoding=”async” class=”alignnone wp-image-338511″ src=”” alt=” india is likely to beat fy24 dividend target for state owned companies by at least” width=”1170″ height=”778″ title=”India Is Likely to Beat FY24 Dividend Target for State-Owned Companies by at Least Rs 12,000 Crore, According to Report 9″ srcset=” 275w,×100.jpg 150w” sizes=”(max-width: 1170px) 100vw, 1170px” /></p>
<p>According to the source, the dividend revenues might surpass both the government’s aim of 430 billion rupees for the April-March fiscal year and the 595 billion rupees it received in dividends the previous fiscal year. The range of receipts could be as high as 600 billion rupees.</p>
<p>Government data shows that India has collected 438 billion rupees (about Rs 43,800 crore) in dividends from state-owned companies as far this fiscal year.</p>
<p>The large dividend will help make up for the government’s income deficit from the sale of stock in state-run businesses.</p>
<p>According to the source, the government may not even be able to raise 300 billion rupees from share sales this fiscal year, which would represent a deficit of more than 40%.</p>
<p>The source claims that even with this, the government is likely to reach its 2023–24 budget deficit goal of 5.9% of GDP due to greater-than-expected tax collections.</p>
<p>In response to a message and email from Reuters requesting comment, India’s finance ministry did not immediately reply.</p>
<p>ICRA analyst Aditi Nayar projects a 300–400 billion rupee increase in net tax receipts for the government above the fiscal year budget objective.</p>
<p>From April to November, the Indian government’s net tax income came to 14.36 trillion rupees, or 62% of the goal for the year.</p>

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