New Delhi: Criticizing the disinvestment policy of the Centre, a Parliamentary Committee on Tuesday said government’s PSU stake sale policy should be rational and not aimed merely at revenue generation.
“...the disinvestment policy of the Government is principally governed by the motive of revenue generation instead of a rational policy to offload government stake in public sector undertakings,” said a report of the Standing Committee of Finance tabled in Parliament.
The government had initially planned to mop up Rs 40,000 crore through stake sale in different central government PSUs in the last fiscal (2010-11).
In contrast, it had managed to only mop up over Rs 22,000 crore through disinvestment during the fiscal.
The Parliamentary Committee, headed by former finance minister and senior BJP leader Yashwant Sinha, said that while the government is aiming at revenue realization through disinvestment from profit making PSUs, it is yet to formulate a concrete policy for loss making units.
“They (loss making PSUs) have been simply referred to Board for Reconstruction of Public Sector Enterprises (BRPSE)... The committee, therefore, recommend that the government should formulate disinvestment policy with clear direction...,” the Panel report said.
Government proposes to raise an ambitious Rs 95,000 crore from sale of shares in public sector companies over next three fiscals, including Rs 40,000 crore in the current financial year.