Indian government collects Rs 26.42 billion in dividends from IOCL and BPCL

• Posted in OilGas
• on September 12, 2023
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The Indian government on Monday (September 11) said it has received Rs 26.42 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 21.82 billion and Rs 4.60 billion 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 percent higher dividend at Rs 480 billion from the Reserve Bank of India (RBI), public sector banks, and financial institutions.

In FY23, the government had aimed to collect Rs 409.53 billion from RBI and public sector financial institutions. This is much lower compared to the Budget Estimate (BE) of Rs 739.48 billion for FY23. It is to be noted that RBI approved a dividend payment of Rs 303.07 billion 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 430 billion than the BE of Rs 400 billion.

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