The current fiscal year is done with the first quarter and we have not even started with the disinvestment process. Remember, the target this year is an aggressive Rs.210,000 crore and there is no way the government is getting anywhere close to it in the current market conditions. At the end of the first quarter, the target looks a lot steeper than before.

Let me first focus on the LIC IPO. Lead managers have started evaluating pricing and regulatory issues but it is going to be a tough sell in these markets. But there is hope because Jio Platforms proved that if the idea is right then fund availability is never a constraint. After all, LIC has the big brand name although valuations could be an issue.

There are larger concerns on BPCL and Air India. Currently, airlines are hardly functional around the world and airlines are likely to see two lost quarters. Air India already sits on a pile of losses and debt; so selling the airline may be a Herculean task. BPCL has corrected too sharply and the billion dollar question is if it should be sold at these valuations.