The government has set up the Department of Public Enterprises (DPE) under the Ministry of Finance to facilitate its ambitious investment program. Previously, 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, “Following the subtitle of the Financial Services of the Ministry of Finance (5), the following subtitle shall be inserted— (6) The Department of Public Enterprises.”
The Gazette Notification states that these rules may be called the Three hundred Sixty-First Amendment Rules, 2021, by the Government of India. Thus, it will be the sixth division under the Ministry of Finance. This change was made in the days following the cabinet expansion.
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Finance Minister Nirmala Sitharaman announced a major privatization program in the budget for the financial year 2021-22, which includes the privatization of two public sector banks and a general insurance company. In addition, Life Insurance Corporation of India (LIC) has also proposed to bring in an initial public offering (IPO) and sell the remaining stake in IDBI Bank. The government aims to raise Rs 1.75 lakh crore from the sale of shares in public sector companies and financial institutions in 2021-22.