Dividends from IOCL and BPCL bring in Rs 2,642 crore for the Indian government

12 Sep 2023 , 11:35 AM

The Indian government said on Monday, September 11, that it has received dividend payments of Rs 2,642 crore from the Indian Oil Corporation Ltd. (IOCL) and the Bharat Petroleum Corporation Ltd.

Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted, ‘The government has received respectively roughly Rs 2182 crore and Rs 460 crore from IOCL and BPCL as dividend tranches.

The government anticipates receiving a dividend from the Reserve Bank of India (RBI), public sector banks, and financial institutions in the current fiscal year that is Rs 48,000 crore higher, or 17% more.

The government’s target is to raise Rs 40,953 crore from the RBI and public sector financial institutions in FY23. This is significantly less than the FY23 Budget Estimate (BE) of Rs 73,948 crore. It should be mentioned that the RBI authorized a dividend payment to the government during its board meeting in May 2022 in the amount of Rs 30,307 crore.

The dividend from public sector firms and other investments was greater according to the Revised Estimate (RE) for FY23, at Rs 43,000 crore, than according to the BE, at Rs 40,000 crore.

For feedback and suggestions, write to us at [e-mail]