Daijiworld Media Network - New Delhi
New Delhi, Jun 9: Union finance minister Nirmala Sitharaman on Monday accepted a hefty dividend cheque of Rs 8,076.84 crore from the State Bank of India (SBI) for the financial year 2024-25, marking another milestone in the government’s efforts to strengthen its fiscal health.
SBI Chairman CS Setty handed over the cheque to Sitharaman at her office, joined by senior officials. The Finance Minister’s Office later shared the moment on social media platform X:
“Smt @nsitharaman receives a dividend cheque of Rs 8076.84 crore for FY 2024-25 from CS Setty, Chairman - @TheOfficialSBI.”
This robust payout underscores the impressive financial performance of India’s public sector enterprises, particularly in banking, insurance, power, and energy, during the January-March quarter.
SBI and insurance behemoth LIC led the earnings chart with net profits of Rs 18,643 crore and Rs 19,013 crore, respectively. For the entire year, SBI’s net profit has surged to an impressive Rs 70,901 crore, while LIC posted ?48,151 crore.
The energy sector also delivered strong results:
• Coal India reported a quarterly net profit of Rs 9,604 crore.
• Indian Oil Corporation (IOC) earned Rs 7,265 crore.
• Oil and Natural Gas Corporation (ONGC) reported Rs 6,448 crore.
In the power sector:
• NTPC, India’s largest electricity producer, posted a net profit of Rs 7,897 crore.
• Power Finance Corporation (PFC) earned Rs 8,358 crore.
• Power Grid Corporation of India reported a profit of Rs 4,143 crore for the quarter.
These gains have bolstered the government’s fiscal position not only through higher dividends but also via increased corporate tax receipts.
Additionally, the robust capex plans of these state-owned enterprises have been key drivers of economic growth and employment.
On the fiscal front, the government achieved its revised fiscal deficit target of 4.8% of GDP for 2024-25, according to the Controller General of Accounts (CGA).
CGA data revealed the Centre’s total revenue collection — from tax and non-tax sources — stood at Rs 30.36 lakh crore, or 98.3% of the revised Budget Estimates (RE). Notably, the profits from PSUs make up a significant share of these non-tax receipts.
India’s public sector giants, it seems, are not only fueling the economy but also contributing handsomely to the government’s fiscal consolidation efforts.