New Delhi, Aug. 26 -- The government's strategy of moving from a revenue-centric annual disinvestment target to value maximisation through prudent public asset management has seen an over three-and-a-half-fold jump in market capitalisation of central public sector companies to Rs.42.76 lakh crore in February 2026 from Rs.12.1 lakh crore in March 2021, according to government data. "Fixing separate disinvestment targets was discontinued from financial year 2023-24," a finance ministry official who did not wish to be named, said. In an interview with HT on February 7, 2024, then Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey explained the policy shift from pursuing a numerical goal because disinvestment proceeds were no longer critical for meeting the annual fiscal deficit target. The parliamentary committee on finance, chaired by BJP lawmaker Bhartruhari Mahtab, appreciated the strategic shift in its report published this month. "This transition is evidenced by the remarkable 3.5x growth in the total market capitalization of listed CPSEs-from Rs.12.10 lakh crore in 2021 to Rs.42.76 lakh crore in early 2026-and a 174% increase in net profits per CPSE over five years," it added. Members of the panel included veteran opposition leaders like NK Premachandran, Sougata Ray and Manish Tewari from Lok Sabha, and P Chidambaram, Praful Patel, and Pramod Tiwari from Rajya Sabha. In the same period, the benchmark Sensex index returned 64.2%. Talking about the change in DIPAM's strategy with HT in that interview, Pandey said that earlier people used to focus only on disinvestment while ignoring huge wealth creation by public sector enterprises, reflected under head of dividends and profits. "So, in our new paradigm, we are having integrated and holistic approach," he said. The focus of the government is on maximisation of overall value of public sector enterprises (PSEs) rather than a providing specific disinvestment target in the budget to please market analysts, a second official said, requesting anonymity. A beginning was made in the revised estimates of 2023-24, which did not show any specific number for disinvestment in 2023-24 and the trend continued, he added....