Assisted by asset monetisation in a big way, Miscellaneous Capital Receipts (MCRs) have exceeded the revised estimates, data from the Department of Investment and Public Asset Management (DIPAM) showed.
FY26’s budget estimates for this head were ₹47,000 crore, which was lowered to over ₹33,800 crore in the revised estimates. Now, with the completion of minority stake sale in Indian Railway Finance Corporation (IRFC), actual collection through monetisation of equity and assets has exceeded ₹34,000 crore. MCRs include receipts on account of management of equity investments and public assets through various mechanisms. Simply speaking, this could include disinvestment (both minority stake sale and strategic sale) as well as mop up through other instruments such as InvITs (Infrastructure Investment Trusts) and REITs (Real Estate Investment Trusts).
Prior to the current fiscal, data from DIPAM showed no earning through asset monetisation placed under MCRs. However, during the current fiscal, an amount of over ₹18,800 crore through InvITs has been realised, which boosted revenue for the government. Now, for the next fiscal, the budget estimates for MCRs are ₹80,000 crore, more than twice the FY26 RE, but the government is hopeful of meeting the target.
Earlier, when asked about whether such higher estimates mean monetisation of equities or monetisation of assets, Economic Affairs Secretary Anuradha Thakur said: “It will be more of asset monetisation as a strong pipeline was announced.” Further, she said that sector specialists say they are also feeling more confident about how to monetise. “This year probably we’ll see more asset monetisation. We specifically identified CPSE REITs (real estate investment trusts) because it is our thinking in DEA (Department of Economic Affairs) at least that we build buildings to be able to sit in those buildings.”
Budget documents do not use the word ‘disinvestment,’ but it is still an important tool for MCR. As on date, there are 67 CPSEs listed on stock exchanges. The value of government shareholding in these companies is over ₹22 lakh crore. Apart from these, 16 public financial institutions (banks and insurance companies) are also listed and the value of government shareholding in these institutions is over ₹20 lakh crore.
These data give enough headroom for the government to go for minority stake sale and earn a significant amount of money. In many companies, the government needs to bring down its stake to achieve the norm of Minimum Public Shareholding of 25 per cent in various CPSEs and public financial institutions. This will necessitate further OFS of CPSEs in this month and in the next fiscal year.
Officials in the Finance Ministry have already made it clear that a ‘surprise’ minority stake sale, rather than any big-bang disinvestment, is the government’s well-thought-out strategy to generate more revenue. “We will continue with selling a part of our stake in CPSEs,” the official said while refusing to name the CPSE or Public Financial Institution next in line or how many will be in the list for the current fiscal or next fiscal. “Announcing the name much in advance will have an impact on the valuation,” the official added.
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Published on March 1, 2026