The biggest-ticket item on the anvil is a government plan to raise as much as US$10 billion from selling up to a 10 percent stake in state-run BSNL, the nation’s largest telephone company.
The initial public offer would be India’s largest and improve the government’s fiscal position but faces huge opposition from BSNL’s union.
In any event, the foreign honeymoon with India seems over. As of last week, overseas funds had sold Indian stocks worth a net US$6.52 billion this year. During the same period last year, they had bought a net US$9.6 billion.
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