Amitabh Kant batted for the privatisation of IDBI Bank saying that the earlier it will be done, the better. Speaking at Network18 Reforms Reloaded 2025 summit in Delhi, former G20 Sherpa, Government of India and Former CEO of NITI Aayog said that he is optimistic about the privatisation of the the bank getting done sooner.
He cautioned against fatigue setting in the process of the privatisation of the the IDBI bank. Kant pointed out that the government has also said that it is planning to privatise two banks and an insurance company and that should be pushed as well.
"I am optimistic about it getting done early and we should not let fatigue set in. The earlier we do it, the better. The government had said it will privatise two banks and an insurance company as well, we should push for that too," Kant said.
Kant also said that the government of India has no business running a hotel, calling for the privatisation of the Ashoka hotel in the heart of Delhi.
On GST reforms, Kant said that they will help push India's consumption story and will boost demand and then create a virtuous cycle of investment. "In the context of global challenges, this reform was critical," he said.
Kant also said that it is required that India should accelerate the pace of many other reforms referring to the break down of supply chains and the war on in middle East and Europe and the H1B visa row.
"We need to use this opportunity to accelerate reforms and GST reforms should just be the beginning," Kant underscored.
The strategic sale of IDBI Bank is likely to be concluded by October and the government has discussed the share purchase agreement, which will be given to bidders putting in financial bids, an official said in July to news agency PTI.
The privatisation of IDBI Bank has been in process for close to three years now.
In October 2022, the government, together with LIC, had invited EoI (Expression of Interest) from investors for privatising IDBI Bank by selling a total of 60.72 per cent stake. This includes a 30.48 per cent stake of the Government of India and 30.24 per cent of LIC.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
