Shourie emerges victorious in the disinvestment battle

If you can't hit like a rhino, proceed like a swarm of bees." Sometime ago, Disinvestment Minister Arun Shourie had described that as his strategy to fight for a cause. On January 26, the efficacy of that strategy was proven beyond doubt. Shourie won the intense 12-month-long battle for privatisation of the two public-sector oil companies-the Rs 47,180-crore HPCL and the Rs 46,853-crore BPCL.

The importance of Shourie's victory goes much beyond the fate of HPCL and BPCL. During the prolonged war of attrition that preceded the clearance of the sale of the two oil companies, Shourie won many smaller battles for privatisation. Issues like whether the government should sell profit-making PSUs, whether oil is a strategic sector, should the government retain critical control over PSUs it sells by introducing golden shares, and whether the government can sell majority stake in PSUs without parliamentary approval were settled-hopefully once and for all.

Privatisation won't distinguish between profitable or loss-making companies; the government will get out of all those businesses it shouldn't be in. The petroleum sector-especially retailing of petroleum products-isn't strategic. Golden shares is a concept whose time has gone and Parliament has no say in the sale of PSUs listed under the Companies Act.

There is yet another irritant out of Shourie's way. PSUs can't buy each other unless the concerned ministry makes an explicit case on behalf of the public-sector company willing to bid for another PSU.

If Shourie adds up all the bounties he collected while fighting for the sale of HPCL and BPCL, he can only thank his adversaries for their obstructive tactics. The delay they caused only added to the taste of the final victory.

-Rohit Saran

Salaries on the Upswing

ANNUAL SALARY INCREASE
IT Enabled	12.6	12.7
Accounting	11.2	12.3
FMCG/Retail	10.8	11.2
Banks	5.7	5.6
Hotels	8.3	8.8
Fin. Services	8.9	9.2
Actual 2002 increase (%) Projected 2003 increase (%)

It may not be rocking yet but the economy is certainly getting better. Last year, the job market squeeze pushed India Inc to give just a 9.7 per cent salary hike as against 12.8 per cent in 2001. But 2003 may be better. hr consultancy firm Hewitt Associates in its annual salary survey has predicted that salary hikes in 2003 will be 10.1 per cent on an average. Says Ravi Virmani, managing director, south Asia, Hewitt Associates: "The slight recovery in salary increases this year indicates an improvement in the economic outlook."

The trailblazing it-enabled sector leads with an average of 12.7 per cent, followed by FMCG at 11.1 per cent. At the bottom of the heap is the banking industry with a hike forecast of 5.6 per cent. This is not to ignore that incremental increase in salaries has declined since 1997 when the pay hike ranged between 20 and 24 per cent.

-Malini Goyal

APPOINTED: Former chief justice of India A.S. Anand, the NHRC chairman. Former bureaucrat Nirmala Buch and retired judge K.T. Thomas will join as members.

ISSUED: Death certificates of four foreign hostages who were abducted by militants in 1995, by the Jammu and Kashmir Government.

NOMINATED: Congress spokesman Jaipal Reddy, member of the Press Council of India.

SENTENCED: Al Umma chief and Coimbatore blast accused S.A. Basha, to a four-year term, by a Chennai special court.

EXTRADITED: Imran Rehman Khan and Mohammad Altaf, Mumbai's Ghatkopar blast accused, from Dubai.

DIED: Former south Indian actress Pandari Bai, 73, in Chennai.