Business
Divestment: Budget FY23 likely to see higher target; more focus on NMP
Indias Union Budget FY23 is likely to set a higher divestment target for the coming fiscal with more focus being set on the National Monetisation Pipeline (NMP).
Notably, the conclusion of the Air India divestment as well as upcoming listing of LIC is expected to prompt the Centre for a robust divestment target for FY23.
Besides, the possible shifting of BPCL divestment to next fiscal and an enhanced pipeline of core and non-core assets under the NMP could significantly ramp up the revenue stream.
“Divestment is likely to be kept robust at Rs 800 billion including the likely divestment of BPCL in FY23 and more assets coming under the NMP,” said Madhavi Arora, Lead Economist, Emkay Global.
“We will not be totally be surprised if the government puts an ambitious target in FY23 again. We assume LIC IPO will be done in FY22 itself.”
In FY22, the Centre had kept a disinvestment target of Rs 1.75 trillion.
However, the target might be missed unless the LIC IPO gets completed in the next two months.
“We expect the government to continue keeping a high target for disinvestment and asset monetisation. If the LIC IPO gets postponed, then the budgeted disinvestment target will clearly be higher for the next fiscal,” said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.
“However, it is unlikely that the divestment of public sector banks will reach a logical conclusion by FY23. There is a risk of a continuing gap between budgetary targets in disinvestment and NMP plans and actual achievements over the next 1-2 years.”
M. Govinda Rao, Chief Economic Adviser at Brickwork Ratings, said: “In all probability, actual disinvestment proceeds will fall short of the budget estimate of Rs 1.75 trillion.
“If the LIC disinvestment goes through, the shortfall will be less. The BPCL sale will surely spillover into the next year. Depending on the volume of spillover, the capital expenditure will be impacted.”
The Union Budget 2021-22 laid a lot of emphasis on ‘Asset Monetisation’ as a means to raise innovative and alternative financing for infrastructure and included a number of key announcements.
In particular, the NMP targets to raise Rs 6 lakh crore through asset monetisation of Central government, over a four-year period, from FY22 to FY25.
“Thirst on disinvestment will continue, not only this year but also coming years,” said Soumyajit Niyogi, Associate Director, India Ratings and Research.
“The focus is expected to be more on monetisation of various asset, than only on disinvestment.”
In addition, Isha Chaudhary, Director, Crisil Research said: “National monetisation plan announced earlier in the year too is yet to actively take off with the target outlined for FY22 likely to slip, the focus should be on meeting the targets set out over the duration of the plan viz. till fiscal 2025.
“With assets already identified under the NMP, the government and the bureaucracy should focus on meeting the divestment agenda set out in the NMP rather adding more assets. Rather prioritisation of projects to achieve targets should be the prime focus.”
Business
Bharti Airtel Receives ₹1,74,000 Penalty Notice From DoT For Subscriber Verification Lapses

New Delhi: Bharti Airtel has disclosed a regulatory development involving a minor financial penalty tied to compliance checks on customer onboarding processes.
The Department of Telecommunications, Madhya Pradesh Licensed Service Area, has issued a notice imposing a penalty of Rs 1,74,000 on the company. The action relates to alleged non-compliance with subscriber verification requirements under telecom licensing conditions, as detailed in Annexure A on page 2.
The issue stems from a Customer Application Form audit conducted by the DoT for January 2026. These audits are carried out periodically to ensure telecom operators adhere to rules governing customer identity verification before activating services.
Under the license agreement, telecom operators are required to maintain strict verification processes when enrolling subscribers. The audit identified alleged gaps in meeting these standards, prompting regulatory action from the authority.
Bharti Airtel has decided not to contest the notice and will pay the penalty. The company clarified that the financial impact is limited to the amount levied, with no broader operational implications highlighted in the filing. The disclosure reflects routine regulatory oversight in the telecom sector, where periodic audits ensure adherence to compliance norms.
Business
Maharashtra Minister Nitesh Rane Announces AI Project For Mango, Cashew Farming In Sindhudurg With 400 Farmers In Pilot Phase

Mumbai, March 27: Maharashtra Fisheries and Ports Minister Nitesh Rane on Friday announced that an Artificial Intelligence (AI)-based project will be implemented to enhance mango and cashew cultivation in Sindhudurg district.
Initially, 400 farmers—200 each cultivating mango and cashew—will be selected for the pilot phase. The project aims to digitise farms by collecting basic data such as farmers’ names, contact details and village information. Based on the success of the initial phase, the initiative will be expanded to include more farmers.
The proposal was presented by experts from ADT Krishi Vigyan Kendra Baramati in the presence of agricultural scientists and officials, including representatives from Dr Balasaheb Sawant Konkan Krishi Vidyapeeth.
Under the project, sensors will be installed to monitor soil health, crop conditions and yield patterns. Farmers will receive training and awareness about AI technology through group-based sessions conducted over a 150-day initial phase.
The use of drones for pesticide spraying is expected to significantly reduce time from several days to just a few hours, ensuring quicker and more effective disease control. Additionally, AI-based predictive models will help detect crop diseases in advance, reducing excessive pesticide use and curbing black marketing.
Business
Retail petrol and diesel prices won’t change, excise cut to offset oil firms’ losses: Govt

New Delhi, March 27: The government on Friday said retail pump prices of petrol and diesel will not change, and the excise reduction is not being passed on as a price cut at the pump.
Instead, it directly reduces the under-recoveries being absorbed by public sector oil marketing companies (OMCs) — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — who have continued to supply fuel to Indian consumers at prices well below their cost of supply, the Petroleum Ministry said.
At current international crude prices, under-recoveries stand at approximately Rs 26 per litre on petrol and Rs 81.90 per litre on diesel.
The combined daily under-recovery being absorbed by OMCs is approximately Rs 2,400 crore.
The excise reduction offsets Rs 10 per litre of these losses, ensuring OMCs can continue to supply fuel without disruption while keeping retail prices unchanged, said the ministry.
The government has reduced excise duty by Rs 10 per litre on both petrol and diesel with immediate effect.
“This decision has been taken in response to the steep and rapid rise in international crude oil prices, which have surged from approximately $70 per barrel to around $122 per barrel over the past month — an increase of nearly 75 per cent in under four weeks, driven by the ongoing conflict in West Asia and associated disruptions to global energy supply chains,” the ministry said.
The contrast with global fuel markets is instructive. Fuel prices have risen by 30 to 50 per cent across South and South-East Asian countries, 30 per cent in North America, and 20 per cent in Europe since the onset of the current crisis. India has held the line. That stability carries a fiscal cost, and the government has chosen to bear it.
Earlier in the day, Minister for Petroleum and Natural Gas, Hardeep Singh Puri, said that Prime Minister Narendra Modi decided to take a hit on government finances to safeguard the Indian citizen.
“The government has taken a substantial impact on its taxation revenues to reduce the high losses being faced by oil marketing companies at this time of sky-high international prices,” he mentioned.
Alongside the excise reduction, the government has simultaneously introduced an export levy on diesel. At a time when international diesel prices have surged sharply, the levy is designed to disincentivise exports and ensure that refinery output is directed first towards meeting domestic demand.
Keeping Indian pumps fully supplied takes precedence over export opportunities, however commercially attractive those may be at current global prices. The government will continue to monitor the evolving global energy situation and take all measures necessary to maintain supply stability and price protection for Indian consumers.
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