India, Nov. 2 -- In the Budget presented on July 5, Union Finance Minister Nirmala Sitharaman announced disinvestment of the Government's shareholding in public sector undertakings (PSUs) to a level below 51 per cent on a "case-by-case" basis. The Cabinet Committee on Economic Affairs (CCEA) is expected to approve this policy soon.

The 51 per cent threshold is very crucial as shareholding at this level or above enables the Government to have majority ownership and control over the undertaking. If the holding is reduced to below 51 per cent, this will lead to relinquishment of majority ownership and control, or privatisation in plain words. This will be transformative - a bold reform indeed. But, hold your breath, there is a caveat append...