The government will attempt to cut its shareholding in state-run companies in 2019/20 to the minimum required under the rules, a government official said, as it seeks to shore up 1.05 trillion rupees ($15.30 billion) through stake sales in the current fiscal year.

India needed funds to meet its fiscal deficit target of 3.3% set for this fiscal year to March 2020.

The government aims to raise 400 billion rupees from exchange-traded funds, the official told reporters. The official declined to be identified.

New Delhi will likely raise around 300 billion rupees from the privatisation of state-owned companies in this fiscal year, the official said.