NEW DELHI, MAR 23: Disinvestment minister Arun Jaitley today ruled out reconstitution of the disinvestment commission in the immediate future.Explaining his ministry's method of going through disinvestment, he said the road-map for each sector of the economy will be prepared and then each unit will be studied for disinvestment purposes.When asked that such an exercise will be the gradual one, he said the whole move will be implemented in a proper manner instead of knee-jerk way. The government has realised Rs 18,288 crore through disinvestment in 39 PSUs since 1991-92. The government has shed on an average 12.33 per cent of equity in these units. In complete contrast to this process, his ministry has found that handing over of management to professionals through strategic sales is a much more efficient exercise. This way even capital market can also be revived, he added.Earlier addressing the seminar, the minister reiterated that no PSU will be closed down except those which cannot be revived. Allaying apprehensions that disinvestment will lead to greater unemployment, the disinvestment minister cited an example of "a plant in the eastern coast" (Rashtriya Ispat Ltd in Vishakhapatnam), whose half of equity has already been eroded. In fact, jobs of 18,000 workers in the plant could be saved only through handing over the managment to professionals, he said.
