Indian Govt. collects dividends from IOCL & BPCL

The Indian government has received Rs 26.42bn billion as dividend tranches from two central public sector enterprises, namely Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL).

“The government has respectively received about Rs 21.82bn and Rs 4.60bn from IOCL and BPCL as dividend tranches,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted.

In the current financial year, the government expects a 17% higher dividend at Rs 480bn from the Reserve Bank of India (RBI), public sector banks, and financial institutions.

In FY23, the government had aimed to collect Rs 409.53bn from RBI and public sector financial institutions. This is much lower compared to the Budget Estimate (BE) of Rs 739.48bn for FY23. It is to be noted that RBI approved a dividend payment of Rs 303.07bn to the government post its board meeting in May 2022.

As per the Revised Estimate (RE) for FY23, the dividend from public sector enterprises and other investments was higher at Rs 430bn than the BE of Rs 400bn.

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