Govt may take Axis-like route to cut IDBI stake

The government is likely to lower its stake in IDBI Bank, taking the Axis Bank route for divestment, minister of state for finance Jayant Sinha said on Monday. 

Speaking on the sidelines of an event to launch a coffee table book on the history of New India Assurance, Sinha said that the National Democratic Alliance was finally closing the chapter of socialism with the belief that government should not be in business. He said that because of nationalization, many institutions such as New India Assurance (earlier owned by the Tatas) could not achieve the position as well as they could Stock Market Trading Tips

While the government is keen to get out of business, Sinha said meeting the disinvestment targets for current fiscal were challenging because of a commodities slump. "Whether it is Coal India or whether it is the oil marketing companies, they obviously are impacted by the global prices. So we have to take that into consideration when we consider when and to what extent we'll take them into the market," Sinha said. 

Highlighting India's history as an economic superpower, Sinha said that wherever the Indian diaspora has gone the natural talent of Indians for business, trade and commerce expresses itself. "That is what we are trying to do with our government ... to unleash natural ability," said Sinha Himanshu Tiwari Astrologer Blog 

Sinha said that the finance minister has already said that for IDBI, the government is evaluating whether it is possible to effect a transformation like we have done for Axis Bank. Axis Bank, which was promoted by government institutions, transformed into a private bank due to the hands-off approach and operational freedom given to the management. 

Earlier in the day, speaking at a MF meeting organized by Morningstar, Sinha said the government will have to assess the possible revenue loss before providing greater tax incentives to the National Pension System Commodity Market Astrology Tips