Officials from the Department of Investment and Public Asset Management are also meeting company executives to request that that these payments be made quarterly rather than annually, the people said, asking not to be identified as the information isn’t public. The government wants to garner about Rs 90,000 ($10.5 billion) through dividends in the year through March 2026, the people added, compared with Rs 74,020 crore received in the previous year.
The finance ministry didn’t immediately respond to an email seeking comment.
Prime Minister Narendra Modi’s government announced tax cuts for the middle class in his latest budget and will now depend on higher dividend payouts to meet its 4.4% deficit target. It has already gotten help from a record Rs 2.69 lakh crore transfer from the central bank.
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