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Our privatization challenge calls for a fresh approach Premium (Mint) Diva Jain Share Via Read Full Story The budget declared an aggressive “disinvestment target of ₹1.75 trillion with little clarity on how it will be achieved. Achieving it poses a challenge that cannot be met without thinking outside the bureaucratic sandbox. India, save for a brief period of time during the Atal Bihari Vajpayee era, has followed a ‘partial privatization’ model focused on raising revenue by selling non-controlling stakes in public sector units (PSUs) while retaining total control over the decision-making apparatus at these companies. To be fair, India is not alone in succumbing to the attraction of partial or ‘revenue’ privatization. A study by Jones, Megginson, Nash and Netter (Share Issue Privatizations as Financial Means to Political Ends, Journal of Financial Economics, 1999) shows that only 11.5% of the firms in their sample were completely privatized between 1977 and 1997,

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