Kochi: What's in a name? The Bard of Avon may ask. But Union Minister Arun Shourie begs to differ.

Describing "disinvestments" as a misnomer, Union Disinvestment, IT and Communications Minister Arun Shourie on February 1 said he preferred his ministry being named as Ministry for Reinvestment.

Addressing a day-long national seminar on "Disinvestment", Shourie said the word "disinvestment" itself is a misnomer. The aim of the process was to increase investment and re-investment.

"I have been pleading with the Prime Minister to name the ministry as Reinvestment Ministry," he said.

"Government is completely open and transparent in matters relating to disinvestment of the public sector undertakings (PSUs). In Parliament, there have been four debates, I answered over 800 questions, but still "useless proposals and worthless allegations (from the Opposition) are always coming up," he said.

"Go behind the slogans and look at the facts," he said.

Opposition parties had raised a hue and cry about disinvestment. From 1991 to 1997, 39 companies had been disinvested by Congress government out of which 37 were profit- making and only two were making losses. In the last two years, two thirds of the 35 enterprises which were disinvested were loss-making.

As part of Pandit Nehru's vision, big dams and infrastructure were all built by the state and they were the "springboards" from which the society could move forward.

However, the country lagged behind and got stuck in the 2.5 to 3.5 per cent growth. While 20 years ago India was on par with China on the growth rate, now China's growth had leapt four times to 10 per cent.

"India from being an enabling state, became a licensed state, an octroi post," Shourie said, adding the engine of growth has to be society itself and role of the state is to be "enabling" state to augment the capacity to grow faster.

Reinvestment is possible by liberating the locked-up public expenditure of government, he said.

Pointing out that the government was doling out upto Rs 40,000 crore as subsidies, Shourie said it can be used for providing better infrastructure facilities.

PTI