Disinvestment not 'distress sale': PM

By Our Special Correspondent

NEW DELHI, APRIL 1. The Prime Minister, Mr. A.B. Vajpayee, today called for dispelling unfounded fears about the effects of disinvestment, saying ``we are fully aware of the legitimate and measurable interests of employees and we are committed to protecting them.'' Stressing this was not a ``distress sale'', he said the Government's actions in the last two years were testimony to its commitment towards making the public sector viable and sustainable.

At a conference of chief executives of public sector units, he said the Government's policy towards the public sector was clear and unambiguous. ``To those who unthinkingly criticise our disinvestment policy, I have this to say: Ours is a well thought- out strategy to revitalise the public sector by bringing in competition, granting greater operational flexibility, reducing surplus manpower and upgrading technology,'' he said.

Mr. Vajpayee also reiterated his government's firm belief that the national economy should be built on the principle of ``India should be built by Indians.'' This did not imply the country's doors were not open to foreign investment. ``On the contrary, foreign investment it crucial to our priority areas to enable us achieve our goal of economic self-reliance and strength,'' he said.

Earlier, the Heavy Industry and Public Enterprises Minister, Mr. Manohar Joshi, underlined the need to remove the uncertainty and anxiety of public sector employees over the disinvestment process. He felt the anxiety was having a demoralising effect ultimately affecting efficiency.

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