Union Budget 2021: Separate administrative structure to be set up for cooperatives

The government will set up a separate administrative structure for cooperatives, Finance Minister Nirmala Sitharaman said in her Budget speech on February 1.

The budget proposes to divest two PSU banks and one general insurance company in FY22. Further, divestments of BPCL, CONCOR, Pawan Hans, and Air India will be completed in FY22.

"We will create a new list of companies for divestment. The government will form a special purpose vehicle (SPV) for monetising land owned by state-owned PSUs and will set up separate administrative structure for co-operatives," said FM Nirmala Sitharaman.

The government proposed further recapitalisation of state-owned banks, earmarking a sum of Rs 20,000 crore.