Indian Fiscal Budget 1997-98: Full Text:10

Indian Fiscal Budget 1997-98: Full Text

Disinvestment

The Disinvestment Commission was constituted in August, 1996 and 40 PSUs were referred to the Commission for advice. The Commission has submitted its first report. It has made specific recommendations in respect of three companies. We intend to proceed with the disinvestment in these companies along the lines suggested by the Commission. While the Commission will make further reports every month, a second batch of PSUs has been referred to the Commission. As the Commission has observed "The essence of a long-term disinvestment strategy should be not only to enhance budgetary receipts, but also minimise budgetary support towards unprofitable units while ensuring their long-term viability and sustainable levels of employment in them." Government agrees with this view and I would appeal to Hon'ble Members to take a positive view of disinvestment.

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