The Hindu : Business : Disinvestment of equity in non-Navratnas planned

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Thursday, Nov 10, 2005

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Disinvestment of equity in non-Navratnas planned

Special Correspondent

Chidambaram chides North for restrictive practices

MUMBAI: The Union Government is looking at disinvesting a small portion of equity in profit making public sector enterprises other than the `Navratnas,' Finance Minister P. Chidambaram said here on Wednesday.

Speaking to mediapersons on the sidelines of an international conference on "Southern multinationals: A rising force in the world economy,'' Mr. Chidambaram said the Government had discussions about disinvesting small portions of equity in selective profit making public sector enterprises other than the Navratnas.

Earlier delivering the keynote address at the opening session of the conference, Mr. Chidambaram said restrictive and unfair trade practices — in terms of market access and labour movement — adopted by certain developed countries, had been hindering the growth of world trade in an equitable manner.

Some nations had adopted restrictive policies of not extending the trade, agriculture and commodity markets to the southern nations, and these were the constraints for the bilateral growth between the North and South multinational companies (MNCs), Mr. Chidambaram said.

Free movement of labour and skilled manpower along with the flow of capital from one part of the globe to the other were the key components of equitable growth of world trade.

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