The government has sought proposals to appoint a consultant to help with disinvestment in the banking and insurance sector. According to a notice on the Department of Investment and Public Asset Management's website , the consultant will be engaged for one year, which can be extended for a maximum of 2 years, to help with the expanded scope of work of the disinvestment department.

The consultant will also be responsible for formulating proposals for taking up issues with regulatory and other agencies for the smooth working of the work relating to the disinvestment department. The consultant will also advise and hold discussions with merchant bankers, the department said. The Budget had set a target of 2.1 trillion rupees for the year, including 1.2 trln rupees from divestment in public sector companies and 900 bln rupees from sale of stake in public sector banks and financial institutions.

The pandemic has delayed several big-ticket disinvestment proposals, including strategic stake sale in Bharat Petroleum Corp Ltd and initial public offering of Life Insurance Corp of India. The government has so far raised 61 bln rupees through divestment this year.

Wealth addition 2020: Gautam Adani outshines Mukesh Ambani among richest Indians

Fitch Ratings: Centre’s Reforms Can Raise Medium-term Growth Rate

India's GDP Contraction Forecast On Additional Govt Stimulus: Moody's