It's work as usual for Shourie's men

NEW DELHI: Business as usual too becomes news, when business seemed to be on the verge of winding up. A day after Prime Minister AB Vajpayeeâ€™s resounding defence of disinvestment in the ongoing controversy on the subject, senior disinvestment ministry officials told The Economic Times that it is business as usual at the ministry. Even hours before the PMâ€™s statement, disinvestment minister Arun Shourie had been telling a TV channel that the ministry was closing divestment proposals and returning earnest money to merchant bankers. How about stepping on the gas? Disinvestment watchers and government officials point out that contrary to public posturing, work had never come to a stand-still in the disinvestment ministry after the setbacks of September 7 (that day, the Cabinet Committee on Disinvestment put divestment of oil PSUs on hold for three months). As for stepping up activity, they point out political developments would need to be watched over the next 10 days before any conclusions can be arrived at. Disinvestment ministry officials, however, did not wish to be drawn into interpreting the implication of prime ministerâ€™s statement for the disinvestment process in the country. After the full planning commission meeting to adopt the 10th plan later this week, the PM would embark on a three-nation tour of Cyprus, Denmark and the UK. Sources say the governmentâ€™s intentions to move ahead with the privatisation process, particularly strategic sales of oil PSUs, would become clearer during the period the PM is on tour. Incidentally, disinvestment minister Arun Shourie would be accompanying the PM. Sources expect the PM to make very categorical statements on the governmentâ€™s intention to move ahead with disinvestment during the UK leg of the tour. Sources further added that the period could also prove crucial as the anti-divestment lobby too would be working hard to enforce a â€œmid-courseâ€� correction of the disinvestment strategy. Political posturing apart, market sentiments could also play a crucial factor for the pace of privatisation in the country. Though markets normally revive post monsoon following revival of demand, it is not clear if similar trends would be seen this year. While some strategic sales would be completed in the next few months, sources say, it is very unlikely that public offering would be a success in depressed market conditions.

It's work as usual for Shourie's men

Business as usual too becomes news, when business seemed to be on the verge of winding up.

More from our Partners

Popular Categories

Hot on Web

In Case you missed it

Top Searched Companies

Latest News

Download ET APP

Follow us on

become a member