Delhi: The government expects to raise more than Rs 2500 crore by selling a 10 per cent stake in Oil India Ltd on Friday, Oil Secretary GC Chaturvedi said on Wednesday. Selling down its shareholding in companies is central to the government's plan to cut its fiscal deficit.
The government plans to reduce its fiscal deficit to 5.3 per cent of GDP in the current financial year from 5.8 per cent in 2011/12. India's hefty fiscal deficit has triggered warnings of a potential credit rating downgrade.
The government aims to raise Rs 30,000 crore rupees by selling shares in the 2012/13 fiscal year to March.