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Wednesday, Jul 17, 2002

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Disinvestments

What the government has been doing in the past cannot actually be called `privatisation' or `disinvestments'. Consider the case of IBP, which was sold to Indian Oil Corporation. This was a clear example of transferring stake from one company to another — as both are government-owned companies.

If the Government really wants to go in for privatisation, other PSUs should be barred from bidding.

According to a recent statement made by the Disinvestments Minister, Mr Arun Shourie, the Government is disposing of bleeding ulcers and not selling the crown jewels. Hence, by allowing other PSUs to bid, the ulcers would very much remain with the Government.

Mohit Jhangiani

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