To rescue the Indian economy from financial crisis due to the unbounded expenditures, cumulative debt burden, adverse balance of payment and under performance of Public Sector Enterprises, the path of disinvestment has been adopted by the Government. Since the major objectives of disinvestment policy are to bridge the fiscal deficit and to diversify the ownership, the Government has introduced many policies over the years to meet the objectives. This paper intents to review the major disinvestment policies of the Government of India pertaining to disinvestment. For this purpose, the policies initiated by Government have been described and conceptual framework of the disinvestment policies of Government during 1991-92 to 2016-17 has also been enumerated phase-wise. The results shows that Government has indeed taken steps to facilitate the process of disinvestment, however fails to achieve the target most of the years virtually due to vested interest and political disagreement of political parties, trade union, high interference in the functioning of disinvested Enterprises, small amount of disinvestment and deviation in the usage of funds. © 2019, Ashwin Anokha Publications and Distributors. All rights reserved.