Dipam Vacancies: Finance Panel Calls for Task Force

The Standing Committee on Finance has expressed significant alarm over the 43% vacancy rate within the Department of Investment and Public Asset Management (Dipam). This critical shortage leaves 38 positions unfilled, severely hindering its operational capacity.

The committee highlighted that this manpower deficit “severely jeopardises” Dipam’s ability to manage an extensive public asset portfolio. This also impacts the execution of complex transactions, such as the crucial IDBI Bank sale.

• Total sanctioned strength: 89 officers
• Currently working: 51 officers
• Vacancy rate: 43%
• Vacant positions: 38
• Public asset portfolio managed: exceeding ₹42.76 trillion

Specific vacancies further underscore the challenge, including significant shortages at the Director and Under Secretary levels. These critical gaps affect leadership and operational execution within the department.

• Director level: 11 positions vacant
• Under Secretary level: 8 positions vacant

Addressing the Manpower Crisis

Despite a previous report in March, the committee noted “no tangible progress” in filling these roles. The finance ministry stated that Dipam is actively engaging relevant departments to address the matter.

The committee specifically urged the Ministry of Finance to establish a dedicated inter-departmental task force. This task force would include the Department of Personnel and Training (DoPT) and the Department of Expenditure (DoE).

• Task force partners: Department of Personnel and Training (DoPT), Department of Expenditure (DoE)
• Primary objective: Prioritize filling all 38 vacant positions

Strengthening Investment Frameworks

The committee reiterated its earlier recommendation for Dipam to develop a clear roadmap for the rollout of InvITs and REITs. This framework must include robust valuation safeguards and transparent oversight mechanisms.

It also emphasized the necessity for a clear legal strategy, such as “Golden Share” or indirect control models. Such mechanisms would protect the strategic autonomy of entities where state shareholding might fall below 51%.

• Ministry’s Clarification: No current proposal to reduce the government’s stake below 51% in CPSEs, except for approved strategic disinvestments.
• Committee’s Stance: Found this position “insufficient for complex, modern capital markets,” stressing the need for proactively codifying a legal framework.

The committee stressed the importance of codifying this legal framework to safeguard government oversight and national security interests. This would apply to vital CPSEs should equity dilution below 51% occur in the future.

Regarding CPSE REITs, the ministry informed that a roadmap is currently under development. The committee recommended integrating a standardized, independent expert-led valuation framework to prevent undervaluation or distress sales of national real estate assets.