Budget raises India's capital market ambitions
Singapore
THE Indian government has unveiled its most ambitious target for public share sales so far, looking to capitalise on the robust domestic capital markets to cut its annual deficit.
In last week's federal budget, Finance Minister Arun Jaitley set a 725 billion rupees (S$15 billion) target for divestment in the 12 months from April 1, up from a revised 455 billion rupees goal in the current fiscal year.
The government intends to raise 110 billion rupees from the listing of state-owned insurance companies, 465 billion rupees from the sale of stakes in state-owned companies on local stock exchanges and 150 billion rupees from strategic sales in 2017-18.
Analysts and investors welcomed the budget, sending stocks and bonds broadly higher on promises of tax cuts and a lower fiscal deficit. However, the statement makes it clear that the capital markets will play a far greater role in the count…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
BHP to decide on future of nickel business by August, trims met coal estimates
South Korea’s LG Electronics plans to raise up to US$1 billion with dollar bonds: sources
Apple CEO to meet Lawrence Wong to wrap whirlwind Asia tour
China reiterates need for steady yuan amid fragile confidence
Singapore loses ‘world’s best airport’ crown to Qatar
Elon Musk stakes fortune on cult following who made him rich