India is demanding millions of dollars in dividends from 12 reluctant state companies to make up for an expected tax revenue shortfall this fiscal year, as a slump in economic growth risks New Delhi overshooting its fiscal deficit target. The demand has been made following a finance ministry assessment on October 25 of the financial health of 14 state companies, including top miner NMDC and trading firm MMTC, according to a government document reviewed by Reuters. The ministry asked 12 of the companies to payout between 30 per cent and as much as 100 per cent of their 2016-17 or ...
India seeks hefty dividends from state firms as its revenues falter
All state companies evaluated by the government sought exemptions
Neha Dasgupta | Reuters |