evidence: For 2015-16, the government set a disinvestment target of nearly Rs 70,000 crore, 20 per cent higher than the previous year’s target. Actual proceeds, however, fell short of the target by 40 per cent, because of adverse market conditions triggered by demonetisation in November 2016. The following year was no better even though the target was significantly scaled down to Rs 56,500 crore. It was only in 2017-18 that the government’s push for disinvestment began to bear fruit. A higher target was set, at Rs 72,500 crore. And pleasingly for the government, actual proceeds far exceeded the target, crossing Rs 1 lakh crore for the first time in the history of disinvestment. FY 2018-19 also turned out to be good, with proceeds from disinvestment exceeding the target for a second straight year. [...] In reality, however, it’s the lack of willingness and policy inertia that seem to be plaguing the disinvestment programme. Which is why, even in 2022-23, disinvestment proceeds totaled Rs 33,500 crore, just about half of the Rs 65,000-crore target set for the year. In the first eight months of the current fiscal year, the government has raised a meagre Rs 8,800 crore against a full-year target of Rs 51,000 crore.