ministry of railways

The government aims at raising Rs 1.62 lakh crore from asset monetisation, in the current fiscal year. The ministry of petroleum and natural gas and railways had missed theor targets in last fiscal year

The finance minister of India Nirmala Sitharaman highlighted the progress achieved by ministries and departments on the National Monetisation Pipeline on 14 November. She asked the ministries to pace up with asset monetisation in line with their set targets.

According to a government official, whereas the government will “more or less” achieve the current year’s target, some ministries may not achieve their monetisation goals.

The government aims at raising Rs 1.62 lakh crore from asset monetisation, in the current fiscal year. Reportedly, transactions worth Rs 96,000 crore were completed last fiscal year, surpassing the target of Rs 88,000 crore.

Sitharaman has asked ministries of petroleum and natural gas and railways to rework their strategies and come up with a fresh plan within a week, in order to hasten monetisation, according to the official aware of the review meeting.

The top officials from the finance ministry, Niti Aayog and key infrastructure ministries, attended the meeting.

The centre is initiating preparations for the upcoming union budget which makes the review meeting crucial in the same regards. Achieving the target become critical in order boost more capital expenditure, while sticking to the fiscal path at the same time.

The auctions of mines, road assets and power sector assets has majorly been driven by asset monetisation. The ministry of petroleum and natural gas and railways had missed theor targets in last fiscal year.