The Centre has collected Rs 59,638 crore in dividends from its share in Central Public Sector Enterprises (CPSEs) so far in FY25, surpassing the revised target of Rs 55,000 crore, according to official data. The government's total DIPAM receipts now stand at Rs 68,263 crore, including Rs 8,625 crore from disinvestment proceeds.
Since the post-election Budget of June 2024, the government has moved away from setting disinvestment targets, focusing instead on boosting non-tax revenue collections.
Sources indicate that oil and gas companies have been the highest dividend contributors in FY25.
Dividend receipts from CPSEs form a key part of the Centre’s non-tax revenue, alongside the Reserve Bank of India’s surplus transfer and telecom spectrum receipts. For FY25, the government has set the revised estimate (RE) for non-tax revenue at Rs 5.31 lakh crore.
On November 18, 2024, DIPAM issued new guidelines on CPSE capital restructuring, replacing the May 2016 framework. These updates reflect evolving market conditions, regulatory changes, and sectoral shifts. The revised guidelines aim to enhance CPSE value and shareholder returns, improve operational and financial flexibility, boost efficiency, and encourage broader investor participation.
CPSE dividend payouts have consistently exceeded revised estimates in recent years. In FY21, dividends stood at Rs 39,750 crore, rising to Rs 59,294 crore in FY22, Rs 59,533 crore in FY23, and Rs 63,749 crore in FY24.
For FY26, the Centre has set its dividend receipt target at ₹69,000 crore, indicating a continued focus on revenue generation from state-owned enterprises.