Privatization is such a waste of taxpayer money. You spend all those resources developing domestic capability and then sell it off to the highest bidder for a short-term cash infusion.

This is the best summary I could come up with:

New Delhi had targeted 510 billion rupees from divestment proceeds for the current fiscal year that ends March, 2024.

The company’s main plant is in the mineral rich state of Chhattisgarh, where it is a major employer and unions have protested the sale.

Prime Minister Narendra Modi’s government has not been able to follow through with plans to sell companies in a slew of sectors including steel, fertiliser and oil and gas since 2019, hampered by issues such as land ownership and union opposition.

“No privatisation will take place in this tenure of the government,” said Subhash Chandra Garg, former federal finance secretary.

Some of the shortfall in the current year’s target would be offset by higher dividends paid by state-run firms to the government, the first source said.

The government has only managed to sell minority stakes in five of its companies through so-called offer for sales via stock exchanges, despite Indian markets hitting record highs this year.

The original article contains 472 words, the summary contains 159 words. Saved 66%. I’m a bot and I’m open source!