India is on a fire sale. Every monetizable asset is up for sale. With debt ballooning to 135 Crore Crores, we will soon be left with no assets(built over 75 years), a debt of Rs.1 Lac on each citizen and many liabilities that will emerge by the day that we never knew existed.
Keep a watch on how the disinvestment pans out. A government that failed to sell the 80000 Crore Liability called Air India will now be selling profitable assets. Good assets(Like Container Corporation) will be palmed off to cronies and the bad assets to PSUs.
Here is a list of disinvestments
1. ONGC Buys HPCL for Rs 36915 crores. Govt. makes money. ONGC debt goes up from 30680 crores to about 80000 crores today. ONGC in deep Debt.
2 PFC buys REFC from GoI for 14,500 Crores. Govt. makes money. PFC loans money from PSU banks. PFC in debt.
3. ONGC, Oil India, BHEL, Nalco etc forced into buyback of shares for about Rs.10000 crores:
- ONGC buy back for Rs. 4,826 crore
- BHEL buy back 5.16% for Rs. 1,628 crore.
- NALCO buys back Rs. 505 crores of GoI shares.
- Indian Oil bought back 4435 crores of shares etc.
4. Coal India 'offer for sale' netted Rs 5,218 crores to GoI.
5. IDBI Bank, sold to LIC: Rs.14500 crores. Average price for LIC @54. Current price @37.
6. The failed project and debt ridden GSPC KG Basin that hides a million shenigans was bought by ONGC for 8000 crores.
What I fear is this:
Good assets will move into cronies hands.
Bad assets will be bought by PSUs. Assets that have a lot to hide will be in the sell list.
Government will sell our ancestral home and silvervare to fund its lunch and dinner expenses.
Good Morning, India.
*135 Lac Crores
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