They have told that the Government is bringing disinvestment through backdoor. I am afraid it is totally a baseless contention. What we have done is that the government's policy on disinvestment does not envisage any outright or strategic sale of a central public sector enterprises. The focus of the policy is to enable and utilise unlisted and profitable Central public sector enterprises to raise capital through Initial Public Offering (IPO)  with the government offering a minority shareholding for divestiture. The intent is to ensure the government equity remains 51 per cent and the government retains the management control. However, so far this year of 2008-09 is concerned because the market condition is down, that is why, we did not allow having a single IPO. Not only that, the UPA Government is making all possible efforts to turn around the loss making central PSUs, like the Indian Telephone Industries through the infusion  of funds and superior technologies which we will continue to do in future if we are brought back to power with a massive mandate of the people. Speaker, Sir, as I mentioned, the scope is extremely limited. With due respect to the desires of some of the hon. Members I think we should not violate the cardinal principal that every constitutional body should operate whether it is the Judiciary within the constitutional jurisdiction in the overall constitutional scheme of things through which we are living since 1950. Therefore, it was not possible for me to indulge in financial profligacy by making too many announcements, by giving too many concessions and by taking too many decisions without the backing of adequate financial resources. But keeping in view, whatever we could do, within the constraints.
