Indian government collects Rs 2,642 crore in dividends from IOCL and BPCL

The Indian government on Monday (September 11) said it has received Rs 2,642 crore 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 2182 crore and Rs 460 crore 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 48,000 crore from the Reserve Bank of India (RBI), public sector banks, and financial institutions.

In FY23, the government had aimed to collect Rs 40,953 crore from RBI and public sector financial institutions. This is much lower compared to the Budget Estimate (BE) of Rs 73,948 crore for FY23. It is to be noted that RBI approved a dividend payment of Rs 30,307 crore 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 43,000 crore than the BE of Rs 40,000 crore.