24 Jan 2024 , 02:51 PM
While the government had initially budgeted non-tax revenue collection at approximately Rs 3 trillion, an unprecedented dividend transfer of Rs 874.2 billion from the Reserve Bank of India (RBI) has resulted in an exceeding of the budgeted non-tax revenue, reported CareEdge.
Simultaneously, 12 public sector banks (PSBs) have demonstrated remarkable performance, achieving a substantial 66% YoY profit growth in H1 FY23. The strong showing of PSBs is anticipated to maintain elevated dividend transfers from this sector. Besides the contributions from the RBI and PSBs, dividends from Central Public Sector Enterprises (CPSEs) are poised to surpass the FY24 budgeted amount.
Recent data from the Department of Investment and Public Asset Management (DIPAM) indicates CPSE dividends at Rs 439.8 billion, surpassing the budgeted Rs 430 billion for FY24. As per CareEdge, forecasts project an estimated Rs 550 billion in dividends from Public Sector Undertakings (PSUs). The increased surplus transfer from the RBI, higher CPSE dividends, and the robust performance of PSBs collectively signal an additional collection of Rs 650 billion beyond the FY24 budgeted non-tax revenue.
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