India should look at selling enemy properties valued at over ₹1 lakh crore to take care of the current expenditure which will drive growth, Nilesh Shah, a part-time member of the Economic Advisory Council to the Prime Minister, said on Monday.
Both India and Pakistan had brought in legislations to take over enemy properties following the 1965 war. While Pakistan was able to liquidate the assets in 1971, India is 49 years behind, Mr. Shah said.
“You need to monetise government assets so that we have money available for spending,” he said.
He said the assets were valued at ₹1 lakh crore three years ago and added that this is the best time to remove encroachments and clear title deficiencies to sell such properties.
Shah said there are 9,404 such properties under a government-appointed custodian taken over in 1965.
“Liquidate these properties and raise ₹1 lakh crore or so to fund your expenditure,” he said while replying to a question on ways to push up economic growth.”