The Budget for 2009-10 may not have a detailed roadmap for disinvestment in the public sector units even though President Pratibha Patil has emphasised on listing of PSUs.
"Yes, he (the finance minister) is going to have something on disinvestment in the Budget, but may not give the clear picture. It may take him longer," an official source said.
The Budget to be presented in the first week of July is likely to spell the intention of the government to disinvest, but may not give the clear picture on the time-frame and other details on the policy structure, the source added.
The exact roadmap for disinvestment will include the extent and coverage of disinvestment, categories of companies -- Navratnas, mini-navratnas or sick companies -- to be included in it.
"It may take him (finance minister) longer (than the Budget) to answer these questions. Where is the time for him to give a detailed picture on these issues in the Budget," the source said.
The President in her address to the joint session of Parliament said on Thursday, "My government will develop a roadmap for listing and people-ownership of public sector undertakings while ensuring that the government equity does not fall below 51 per cent."
Also, political consensus has to be built on the policy as disinvestment was put on hold in the previous United Progressive Alliance regime after DMK objected to divestment in Neyvelli Lignite Corporation, the source said.
No exact figure for disinvestment has been worked out and the media speculation over the issue may be based on the numbers, suggested by corporates in pre-Budget interactions with finance minister Pranab Mukherjee, the source added.
Some industrialists are understood to have talked of raising Rs 25,000 crore (Rs 250 billion) in the current fiscal through disinvestment in these meetings.
At present, public offers of two PSUs -- Oil India and NHPC -- are pending and may hit the market by September 10 and September 17, respectively to avoid again approaching Securities and Exchange Board of India for its nod.
The Congress Manifesto had said the party rejects the policy of blind privatisation followed by the BJP-led National Democratic Alliance government, but believed that the Indian people have every right to own part of the shares of PSUs.
The President in her address to Parliament said on Thursday, "Our fellow citizens have every right to own part of the shares of public sector companies, while the government retains majority shareholding and control."
