An autonomous research institute under the Ministry of Finance


History of disinvestment in India: 1991-2020

Publication date

Mar, 2022


NIPFP Working Paper No. 373


Sudipto Banerjee, Renuka Sane, Srishti Sharma, and Karthik Suresh


This paper presents the history of disinvestment in India between March 1991 to December 2020. The history can be divided into four broad phases: 1991-1999 (Phase I), 1999-2004 (Phase II), 2004-2014 (Phase III), and 2014-2020 (Phase IV). There have been relatively few strategic sales, and governments have largely preferred the minority sale route.
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