Opposing the divestment of public sector undertakings, Federation of Indian Chambers of Commerce and Industry president A C Muthiah said the government should work towards making companies like National Aluminium Company Ltd and Hindustan Petroleum Corporation Ltd autonomous rather than looking for a strategic partner.

"State-run companies like Indian Oil Corporation, Oil and Natural Gas Corporation, HPCL and Nalco are jewel assets of the country," Muthiah said.

"Instead of looking for a strategic partner, the government should make these companies autonomous," he said.

"The government should list these companies on the Nasdaq, revalue their assets and sell them to a large number of shareholders," he said.

According to him, the thrust of our reforms should be to stimulate demand, encourage private investment and capital formation, reduction in taxes to encourage consumer spending, cheap availability of development finance and legal changes.