The government has set up the Department of Public Enterprises (DPE) under the Ministry of Finance to facilitate its ambitious disinvestment program. Earlier DPE was part of the Ministry of Heavy Industries and Public Enterprises.
According to a notification issued by the Cabinet Secretariat on July 6, 2021, 'after sub-heading (5) Department of Financial Services in the Ministry of Finance, the following sub-heading shall be inserted- (6) Department of Public Enterprises. The gazette notification states that these rules may be called the Government of India (Allocation of Business) Three Hundred Sixty-first Amendment Rules, 2021. Thus it will be the sixth department under the Ministry of Finance.
Target to raise Rs 1.75 lakh crore from stake sale
This change has been made ahead of a possible cabinet expansion later in the day. Finance Minister Nirmala Sitharaman had announced a major privatization agenda in her budget for the financial year 2021-22, which includes the privatization of two public sector banks and a general insurance company. Apart from this, the Life Insurance Corporation of India (LIC) also proposes to bring an initial public offering (IPO) and sell the remaining stake in IDBI Bank. The government has set a target of raising Rs 1.75 lakh crore from stake sales in public sector companies and financial institutions during 2021-22.
Leaders gathered at PM's residence
It is known that ahead of the reshuffle and expansion in the Union Council of Ministers on Wednesday evening, the potential faces of the ministerial post reached Prime Minister Narendra Modi at his official residence. Union Home Minister Amit Shah and Bharatiya Janata Party (BJP) President JP Nadda are also present at the Prime Minister's residence.
53 ministers including Gehlot in the Modi government
It is to be known that there are a total of 53 ministers in the current council of ministers, including Union Social Justice and Empowerment Minister Thaawarchand Gehlot, who has been appointed as the Governor of Karnataka and according to the rules, the maximum number of ministers in the Union Council of Ministers can be 81.