Bakht told the World Intellectual Property Organisation's Asian regional symposium, which is being jointly organised by Wipo, department of industrial development, Confederation of Indian Industry and Japanese Patent Office, that disinvestment should be based on scientific calculations. There should not be a target, he said.

Disinvestment depends on where it is being done and the quantum of privatisation, the minister said. Bakht ruled out the review of public-sector unit privatision.

The government could not meet its disinvestment targets in the past two financial years. The government earned Rs 900 crore in 1997-98, versus the targeted Rs 4,800 crore, which was later revised to Rs 7,000 crore.

Earlier, addressing the inaugural session, Bakht said the government would take a fresh look at the patent-related issues forwhich it would seek an expert group's help.

The expert group will function under the chairmanship of Raja Ramanna and will comprise APJ Abdul Kalam, RA Mashelkar and PG Mankad. The group has been appointed to look into intellectual-property rights and restructuring the country's patent system.

An agenda is being drawn up for initiating changes in the existing laws, with the view to enhancing the competitiveness of the country's scientists.

The union industry minister also said a project is being finalised for the modernisation of the Indian Patent Office.

Insight: from disinvestment to privatisation

The criticism of PSU disinvestment targets merits the attention of the finance minister. Projections of disinvestment receipts are inflated to window dress the capital budget, and thus under state the fiscal deficit. Disinvestment does not appear to enthuse the market, which expects low premiums. This leaves the government with massive shortfalls in targets.

Besides, disinvestment does notpromote privatisation. The Ramakrishna-led disinvestment commission's recommendation to transfer management control along with majority equity ownership of select PSUs deserves to be seriously explored.