FY23 divestment target more realistic, not underestimation: Sitharaman

Union Finance Minister Nirmala Sitharaman on Sunday said the disinvestment target set for FY23 is more realistic and she wants to achieve it, and it is not an underestimation.

She was speaking at an event here organised by Federation of Indian Chambers of Commerce and Industry (FICCI).

"Government or any individuals don't take decisions quickly or hastily while selling things of value... require a lot more attention. And in the government, it's the more. But this question I want to, in a way, suggest we should be absorbing the fact that we have cleared Air India, NINL (Neelachal Ispat Nigam Ltd) has found its buyer, LIC IPO is soon to happen. So, things are moving," she said.

"The market may be good and by logic of it, many people may say you should have sold it yesterday but it's probably not the way the government works because at the end of the day I am answerable in the parliament, answerable to the CAG, CVC (Central Vigilance Commission), not just the political executives. The permanent executives are very conscious. And lets not forget some cases have been revived by people seeking justice, whatever, even after 10-15 years of an issue being settled."

Besides, Sitharaman added there is a sense of caution and she wants the industry and bureaucrats to appreciate that the bureaucrats should take sufficient time so that that nothing should be later found wanting.

"So, they (bureaucrats) do take their extra precautionary care and I would rather go on that route than push them over to speedily conclude. Yes I am interested in finishing the commitments given in last year's Budget which I didn't specify again in this year's, but we are moving ahead on the disinvestment."

Lastly, she reiterated that the government will continue on the disinvestment front.

The Centre, in its Budget document for FY23, has drastically lowered the divestment target to Rs 65,000 crore.

According to the Budget document, the current fiscal FY22's divestment target was revised to Rs 78,000 crore from the Budget estimates of Rs 1.75 lakh crore.