In financial year 2022, the Centre exceeded its target by achieving Rs 96,000 crore as against of Rs 88,222 crore. It was largely driven by mines auctions, NHAI (National Highway Authority of India) road assets and power sector assets
The Finance Ministry urged various ministries and departments to submit a report updating the progress of Asset Monetisation at the pre-budget discussions and consultations which started from 10 October.
Various ministries have been asked to submit a detailed explanation on the speed of asset monetisation by the Department of Economic Affairs, according to a letter dated 6 September.
In financial year 2022, the Centre exceeded its target by achieving Rs 96,000 crore as against of Rs 88,222 crore. It was largely driven by mines auctions, NHAI (National Highway Authority of India) road assets and power sector assets.
The Centre has now set a target to raise Rs 1.62 lakh crore from asset monetisation for the current fiscal year. For capital expenditure and sticking to the fiscal path, achieving this target remains critical to push.
In September, the Finance Ministry had suggested for vigorous asset monetisation steps at all levels to weather the global headwinds and increased expenditure, through its Monthly Economic Report.
However, by 15 September, ministries could raise only Rs 26,800, which was much below the level that centre had expected.
The pre-budget meeting will used to push ministries to pace up their monetisation drive by the Finance Ministry.
The pre-budget meeting was held yesterday to discuss the revised estimates (RE) of expenditure for the current financial year and the fund required for financial year 2023-24.
The notification issued by Budget Division of the finance ministry stated that the deliberations would continue till 10 November.
The Revised Estimates will be finalised by the centre by 11 January. The 2023-24 Budget will hopefully be presented on 1 February, in the first half of Parliament’s Budget session.