New Delhi, Jul 5 (IANS): The government on Friday hiked its disinvestment target in the current fiscal from Rs 90,000 crore to Rs 1.05 lakh crore.

Announcing this in her Budget speech, Finance Minister Nirmala Sitharaman said: "We have enhanced the target for disinvestment receipts in FY20 to Rs 1.05 lakh crore. The current target is Rs 90,000 crore."

The hike in the sell-off target comes amid the slow growth in tax proceeds, forcing the government raise revenue from non-tax revenue sources.

The 2017-18 disinvestment proceeds were above Rs 1 lakh crore. In 2018-19, the sell-off mop up fell to Rs 85,000 crore.

Sitharaman said the government will continue with strategic divestment of select Central Public Sector Enterprises (CPSEs) and will modify the present policy of retaining 51 per cent stake in PSUs.

Initial Public Offer (IPOs) of 10 public sector undertaking (PSUs) and 35 CPSEs have been listed by the Niti Aayog for divestment this year. The government has already announced the IPOs to be taken up this fiscal.

The government also said it would soon start the process for Air India's disinvestment.