How has the govt's disinvestment strategy changed since liberalisation?

The first disinvestment transactions subsequently began in 1991-92 through minority stake sales. How the government's disinvestment strategy has evolvedIndia's disinvestment programme has gone through several phases since 1991. This included stake sales in Maruti Udyog (now Maruti Suzuki) and opening up Videsh Sanchar Nigam Limited (VSNL, now Tata Communications) to private investment. "Post-1991, minority stake sales served primarily as non-debt capital receipts to finance fiscal deficits. She said the government returned to minority stake dilution after 2004 despite the 2021 PSE policy's push to reduce its commercial presence.