Explanation:

The disinvestment of equity in Central Public Sector Enterprises (CPSEs) can have multiple reasons, and both of the options provided may reflect some of the motivations. However, it's essential to note that the specific reasons for disinvestment can vary based on government policies and economic conditions. Let's analyze the options:

1. The Governments intends to use the revenue earned from the disinvestment mainly to pay back the external debt:

   • This is one possible reason for disinvestment. Governments may choose to sell equity in CPSEs to generate revenue that can be used for various purposes, including reducing external debt, funding social programs, or investing in critical infrastructure.

2. The Government no longer intends to retain the management control of CPSEs:

   • This is another potential reason. Governments might decide to reduce their ownership in CPSEs to encourage private sector participation, improve efficiency, and bring in strategic investors. It may indicate a shift in the government's approach to management and control of public sector enterprises.

In practice, a combination of factors, including fiscal considerations, strategic goals, and economic policies, can influence the decision to disinvest from CPSEs. It's essential to consider the broader economic and policy context to understand the specific motivations behind a government's disinvestment strategy.