New Delhi, Sep 22 (NationPress) India is poised to exceed its Rs 47,000 crore disinvestment goal for the ongoing fiscal year, according to Arunish Chawla, Secretary of the Department of Investment and Public Asset Management, during a press briefing on Monday.

Chawla highlighted that public investment through budgetary allocations is progressing well, with 33 percent of the yearly budget met by the end of July, facilitated by the early implementation of significant reforms.

“As market conditions improve, we plan to introduce additional offers for sale, minority stake divestitures, and a few IPOs to accelerate our progress,” he stated.

He indicated that approximately six OFS and minority stake sales are anticipated, alongside 1-2 strategic sales, mentioning that the strategic divestment of IDBI Bank will be finalized within this fiscal year.

He emphasized the importance of the democratization of capital markets, noting that two-thirds of DII inflows come from individual investors, despite the recent volatility in capital markets.

From January to August, while FIIs withdrew Rs 1 lakh crore in net outflows, DIIs invested Rs 5 lakh crore into India's equity market, he observed.

Chawla characterized the government's disinvestment approach as comprehensive, asserting that the public sector plays a legitimate role in ensuring supply chain security.

The secretary mentioned that dividends would significantly contribute to the government's integrated disinvestment strategy, as the public sector, which constitutes 14 percent of market capitalization, distributes 25 percent of dividends to small shareholders.

The government aims for over Rs 1.2 lakh crore in dividend income this year and is on track to achieve its asset monetization goals by FY26, he added.

Despite global challenges, Chawla expressed confidence that India’s capital markets will soon rank as the third largest in the world.