PSU Current Affairs - 2019
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The Oil and Natural Gas Corporation (ONGC) overtook India Oil Corporation (IOC) by regaining crown of being India’s most profitable Public Sector Undertakings (PSU).
- In the previous two financial years (2016-17 and 2017-18) ONGC had lost the most profitable PSU tag to IOC.
- In fiscal year 2018-19, ONGC’s net profits increased by 34% to Rs.26,716 crore in comparison to it IOC registered a net profit of Rs.17,274 crore for fiscal year ended March 31, 2019.
- In Financial year 2018-19 IOC also lost its title of being India’s largest company by turnover tag to Mukesh Ambani led Reliance Industries. It was because IOC’s refining margins were under pressure due to falling oil prices. Thus with a 44% rise in revenue, RIL is now India’s biggest firm in terms of revenue, profit and market capitalisation.
- It is a state owned multinational oil and gas company earlier headquartered in Dehradun, (Uttarakhand) now headquartered in Vasant Kunj, Delhi.
- It is a Public Sector Undertaking (PSU), under administrative control of Union Ministry of Petroleum and Natural Gas.
- It is India’s largest oil and gas exploration and production company which global rank of 11 among the Top 250 Global Energy Companies (by Platts).
- It produces about 62% of India’s natural gas demand 70% of India’s crude oil demand which is equivalent to around 30% of India’s total demand.
Tags: Global Energy Companies • India Oil Corp • India Oil Corporation • IOC • Oil and Natural Gas Corporation
The proceeds from the disinvestments have exceeded the disinvestment target for the fiscal 2018-19 by Rs 5,000 crore taking the total proceeds to Rs 85,000 crore against the targeted Rs 80000 Cr.
Disinvestment refers to the process of public asset sales by the government of India. Industrial Policy provides that in order to raise resources and encourage wide public participation, a part of the government shareholding in the public sector would be offered to mutual funds, financial institutions, general public and employees.
Disinvestments are undertaken to fulfil the objectives such as modernisation of the public sector through strengthening R & D, initiating diversification/ expansion programmes, retraining and re-employment of employees, funding genuine needs of expansion, widening the capital market basis and mitigating fiscal deficit of the government.
Financial Year: Proceeds from Disinvestment
2014-15: Rs 26,068 crore
2015-16: Rs 23,997 crore
2016-17: Rs 46,247 crore
2017-18: Rs 1,00,056 crore
This is the second highest disinvestment proceeds in a financial year and the government in fiscal 2017-18 had mopped up a little over Rs 1 lakh crore against the target of Rs 72,500 crore. The government has set a target of Rs 90000 crore for fiscal 2019-20.