On behalf of the government, the State Bank of India (SBI) presented Union Finance Minister Nirmala Sitharaman with a dividend check for Rs 8,076.84 crore on Monday for the fiscal year 2024–2025.
In front of senior officials, SBI chairman CS Setty delivered the check to the Finance Minister at her office.
The Nirmala Sitharaman Office shared on social networking platform X, “CS Setty, Chairman – @TheOfficialSBI, gives Smt @nsitharaman a dividend check of Rs 8076.84 crore for FY 2024-25.”
The substantial dividend was paid out as India’s leading public sector businesses in the energy, power, and banking sectors reported strong profit growth in the January–March quarter of 2024–2025. This is anticipated to significantly improve the government’s financial standing.
With net profits of Rs 18,643 crore and Rs 19,013 crore, respectively, the nation’s biggest lender, SBI, and insurance behemoth, Life Insurance Corporation of India (LIC), led the charge. While LIC earned an amazing net profit of Rs 48,151 crore for the fiscal year 2024–2025, SBI’s net profit has suddenly skyrocketed to Rs 70,901 crore.
During the fourth quarter, Coal India had a net profit of Rs 9,604 crore, Indian Oil Corporation (IOC) made a net profit of Rs 7,265 crore, and ONGC, the massive upstream oil exploration company, made a net profit of Rs 6,448 crore.
The largest electricity producer in the nation, NTPC, reported a net profit of Rs 7,897 crore in the power sector, while Power Finance Corporation (PFC), which is also a part of the Ministry of Power, made a healthy Rs 8,358 crore. During the January–March quarter, Power Grid Corporation of India also reported a healthy profit of Rs 4,143 crore.
Large public sector companies increase revenue through increased corporate tax payments in addition to making larger dividend contributions to the government’s coffers.
Furthermore, these government-owned businesses’ substantial capital expenditure plans are crucial for promoting economic expansion and employment creation.
According to data recently disclosed by the Controller General of Accounts, the government has managed to reach its fiscal deficit objective for 2024–25, which was set at 4.8% of GDP in the updated budget projection for the year.
The central government received Rs 30.36 lakh crore in revenue from combined tax and non-tax sources, according to CGA statistics. This amounts to 98.3% of the updated Budget Estimates (RE). A significant portion of these non-tax receipts come from PSU earnings.
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