Guruswamy was addressing the Indian oil and gas conference organised by the Tata Energy Research Institute (TERI) here on behalf of finance minister Yashwant Sinha who failed to attend the meet owing to his presence in Parliament.

He confirmed that the Videsh Sanchar Nigam Ltd would hit the road with its sale of government stock in January, followed by three other public sector undertakings scheduled for disinvestment this year. The Centre would not only sell stock to raise funds to squeeze its fiscal deficit, but also withdraw from a lot of loss-making businesses, he suggested.

Guruswamy pooh-poohed the World Economic Forum's premonitions about the Indian economy on Thursday, reiterating at the same time, the Centre's commitment to the economic reforms in general and privatisation inparticular.

"There has been a lot of speculation on growth," he said, alluding to World Economic Forum managing director Claude Smadja's growth projections for the country. ``I don't think Smadja knows more about the Indian economy that we do,'' he quipped.

Smadja said India would end up with a seven per cent Budgetary deficit and the overall growth of the economy would be less than five per cent. ``The Budgetary deficit will be closer to the estimated 5.6 per cent of GDP,'' Guruswamy said, emphasing that the overall growth in the economy would be at least six per cent.

He pointed out that both agriculture and the services sector were ``doing well,'' and that the slackness was only restricted to industrial growth. ``We will be among the fastest growing economies of the world,'' said Guruswamy, elaborating on the reforms planned in the public sector.

``The government has been a bad owner of business,'' he said, pointing out that the aggregate losses of the public sector had soared to Rs 2,00,000 crore.He later told newspersons that a government holding would remain in some PSUs, of a strategic importance. The Centre may retain a controlling stake over Indian Oil Corporation (IOC) for instance, to be able to regulate the oil market.

Guruswamy pointed out that already eight PSUs had been identified for closure. A process was on, to initiate a strategic sale in seven other companies, in which the government shareholding will come down to 26 per cent. Another 23 PSUs had been identified for ``privatisation'' he said.

By March end next year, the Centre plans to sell some stock in five PSUs, to be able to bring down its fiscal deficit by Rs 5,000 crore. Among the identified PSUs are Indian Oil Corporation (IOC) and the Gas Authority of India Limited (GAIL).

Guruswamy assured the large gathering of oil company brass from home and abroad, of the Centre's commitment to liberalisation and the free market. ``We have to get out of subsidies,'' he said, pointing out that the Rs 22,000 crore of `direct subsidies'went to `the most articulate' rather than the most deserving.