The World Bank will provide advisory services for asset monetisation to the Department of Investment and Public Asset Management (DIPAM) to shore up revenues of the union government.
DIPAm has signed an agreement with World Bank on Monday to this effect.
DIPAM is mandated with facilitating monetisation of non-core assets of the public sector units under the strategic disinvestment or closure and enemy property of Rs 100 crore and above. In the wake of the India-Pakistan wars of 1965 and 1971, there was migration of people from India to Pakistan. Under the Defence of India Rules framed under The Defence of India Act, 1962, the Centre took over the properties and companies of those who took Pakistani nationality which is referred as enemy property.
DIPAM has a framework for monetising non-core assets. The World Bank advisory project, approved by the Finance Minister, is aimed at analysing public asset monetisation in India and benchmarking its institutional and business models against international best practices as well as supporting development of operational guidelines and capacity building for their implementation, an official statement said here.
It is expected that this project would facilitate and accelerate the non-core asset monetization process and help unlock the value of these un-used or marginally used assets which has the potential to substantially augment financial resources for further investments and growth, the statement said.
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