The government today said it is counting on payouts by public sector units, particularly in the petroleum sector, to improve its finances.
Central Public Sector Enterprises (CPSEs) are expected to declare a minimum dividend of 20 per cent. This would be 30 per cent in the case of oil, petroleum, infrastructure and chemical sector PSUs, Minister of State for Heavy Industries and Public Enterprises, Arun Yadav informed the Rajya Sabha in a written reply.
"This is to meet the austerity measures of the government," he said.
The finances of the central government 2008-09 came under pressure in 2008-09, as it had to give a stimulus packages to the industry, which was hit by the global slowdown.
Consequently, the fiscal deficit went up to 6.1 per cent and 6.7 per cent of the country's gross domestic product in 2008-09 and 2009-10, respectively. It had shot up from 2.6 per cent in 2007-08.
"It rose... In the wake of increased spending and tax deductions that were part of the fiscal stimulus," the Prime Minister's Economic Advisory Council said in its economic outlook for the current fiscal.
The total contribution by CPSEs to the central exchequer stood at about Rs 1.52 lakh crore in 2008-09 and the dividend paid was Rs 19.38 lakh crore.
IOC, BPCL and HPCL are among the leading PSUs in the petroleum sector.
