The government expects public sector enterprises to generate at least 10 per cent more funds in 2003-04 than they did in 2002-03.
Almost a quarter of these funds are likely to be raised from the market largely by road, rail, housing, power and telecom companies.
The budget estimate (BE) for Internal and Extra Budgetary Resources (IEBR) for 2003-04 is Rs 75,741 crore (Rs 757.41 billion), up from the revised estimate (RE) of Rs 68,648 crore (Rs 686.48 billion) in 2002-03.
This is an optimistic estimate when compared to the fact that in 2002-03 these enterprises generated 11 per cent less than the Rs 77,167 crore (Rs 771.67 billion) (BE) they were expected to generate.
Almost 50 per cent of the IEBR will come from internal resources, followed by 24 per cent from bonds and debentures and 6 per cent from external commercial borrowings and suppliers credit. The rest will come from other' sources.
In the coming fiscal, 15 PSEs will have to raise bonds and debentures worth Rs 18,247.29 crore (Rs 182.47 billion), up from the Rs 17,123.43 crore (Rs 171.23 billion) raised in 2002-03.
According to the breakup of IEBR in the Budget, the National Highways Authority of India will again be the top PSU mobiliser, with bonds/debentures worth Rs 4,000 crore (Rs 40 billion) in the market.
NHAI had raised Rs 4,500 crore (Rs 45 billion) in 2002-03. Indian Railways and Housing and Urban Development Corporation are next, each with a Rs 3,000 crore (Rs 30 billion) bond issue lined up for the coming year.
The power ministry is expected to generate Rs 4,899.29 crore (Rs 48.99 billion) via bonds and debentures in the coming year, up from Rs 4,071 crore (Rs 40.71 billion) in 2002-03.
NTPC, with a Rs 1,955-crore (Rs billion) issue, and the Power Grid Corporation with a Rs 1127.49 crore (Rs 11.27 billion) issue are expected to raise the maximum money.
Other than these, the Damodar Valley Corporation, Nathpa Jhakri Power Corporation and the North-Eastern Electric Power Corporation will also raise public money to complete projects.
Bharat Sanchar Nigam Ltd has a bond issue of Rs 1,341 crore (Rs 13.41 billion) slated for next year, as against a Rs 2,161 crore (Rs 21.61 billion) issue in 2002-03 which was used to expand its operations in wireless-in-local-loop, cellular telephony and broadband.
Even the cash rich ministry of petroleum and natural gas, which shunned the market this year, will send Gas Authority of India Ltd to the market for a Rs 500 crore (Rs 5 billion) placement in 2003-04.
Of the total IEBR, almost 30 per cent, is expected to be generated by the ministry of petroleum and natural gas, mostly from internal resources, followed by a 20 per cent share of the ministry of communications and information technology and another 15 per cent by the ministry of power.
