New Delhi, Oct 6 :     Internal and extra budgetary resources (IEBR) of public sector undertakings (PSUs) for the first three years of the Ninth Plan may fall short of the target by Rs 25,650 crore. According to a mid-term appraisal of the plan undertaken by the Planning Commission, almost all units, except the railways, have registered a shortfall. Though the telecom sector was almost in tune with the target in the first two years of the plan, the third year will witness a shortfall because of the revenue-sharing formula introduced in this sector. Sectors which witnessed significant drop in IEBR are steel, coal, petroleum, surface transport and civil aviation. The Ninth Plan had set an IEBR target of Rs 2,85,000 crore. The achievement in the first three years should have been about 55 per cent (Rs 1,56,750 crore). On the basis of the budget estimates for 1999-2000, the achievement could be about 49 per cent. But in the revised estimates, it should drop to 46 per cent (Rs 1,31,100 crore). Extra budgetary resources can come from market borrowing, disinvestment of equity and inter-corporate transfer of funds. Last year, the equity cross-holding forced on oil companies such as Indian Oil, Oil and Natural Gas Corporation (ONGC) and Gas Authority of India Ltd (GAIL) effectively blocked Rs 6000 crore which could have been used for investment. The finance ministry resorted to this budget manipulation to rein in fiscal deficit. In the budget estimates for 1998-99, the government had projected an income of Rs 5000 crore from the disinvestment of PSU shares. The target was raised to Rs 9000 crore in the revised estimates but the realisation was less than Rs 7000 crore. For the current year, the target from disinvestment is Rs 10,000 crore. Finance ministry sources say the government will have to take certain hard decisions in the next two years if the shortfall is to be made up. The IEBR achievement in the Eighth Plan was about 93 per cent. It should not be difficult to achieve 90 per cent of the target in the Ninth Plan.