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No undue insistence by govt on dividend payout by PSUs: Geete

Press Trust of India  |  New Delhi 

Union Heavy Industry and Public Enterprises Minister Anant Geete today denied reports that the was demanding hefty dividend from a few reluctant state-owned firms to bridge any shortfall this year.

He clarified that there is no undue insistence being made in this regard.

"We are not insisting much on dividend, but all our central public sector enterprises are paying satisfactory dividend," Geete told PTI.

Recent reports suggested that the ministry had demanded a dividend payout between 30 per cent and 100 per cent from 12 of the state-owned firms from their 2016-17 or 2017-18 net profit, share buybacks or bonus

According to estimates, the Centre has budgeted USD 21.8 billion in dividend payouts from all state firms in the current financial year, slightly less than the previous year.

However, businesses have experienced disruptions of late, stemming from the government's move to demonetise high-value currency notes a year ago and the rollout of goods and services in July.

Central public sector enterprises may only finalise their full dividend payouts for the current fiscal in September next year.

Besides, the minister said efforts are being made to finalise the Industry 4.0 policy within the next six months.

"The fear is that in the race to become multinationals, domestic firms should not forget India," Geete said in a lighter vein, adding that a majority of India Inc was pursuing international projects, especially in Africa.

Addressing a conference organised by CII here, the minister assured the government's support to domestic companies to help realise their ambition to become MNCs.

He also said the plans to spend Rs 3,000 crore to implement various programmes under the Capital Goods Policy.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 14 2017. 12:57 IST