By T.T. Ram Mohan

Over the last decade India has been venture a programme of monetary reform, and whilst the economic system has been growing to be at a excessive expense. As a part of the reform programme, and according to triumphing fiscal pondering, India has been privatising its huge, ungainly public region. One assumption underlying this programme is the dogma that public quarter agencies are doomed to inefficiency, and that aggressive marketplace forces will be depended on to make enterprises extra effective after they are privatised. yet is that this fairly actual? Combining rigorous info research with case stories to supply a balanced overview of the method of deregulation and privatisation in the total context of monetary reforms, the writer demonstrates, remarkably, that, opposite to the existing view, inner most region organizations don't outperform public quarter businesses throughout all sectors. He additionally indicates that revenue-raising concerns have weighed extra seriously with the govt. than potency pursuits. total, this examine of the reform technique in India, with its designated longstanding mixture of inner most and public sectors, can be of serious curiosity to all these learning reform and transition around the globe.

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The public sector is present in a wide range of industrial and services sectors: chemicals, electronics, metals, engineering goods, textiles, transport equipment, minerals, telecommunications, financial institutions, tourism, etc. 6 Break-up of public sector enterprises by category No. Category I II Enterprises under construction Enterprises Manufacturing/Producing Goods 1. Steel 2. Minerals and Metals 3. Coal & Lignite 4. Power 5. Petroleum 6. Fertilizers 7. Chemicals & Pharmaceuticals 8. Heavy Engineering 9.

It was the government of Prime Minister Chandrashekhar that first announced a policy of disinvesting government equity in SOEs in the interim budget of 1991–2. It spoke of selling up to 20 per cent in such firms, that too to public-sector institutional investors. Thereafter, disinvestment evolved in the 1990s in a climate in which SOEs were, for the first time, subjected to a significant measure of competition, domestic as well as foreign. The disinvestment programme became part of an ambitious process of economic reforms covering industry, the external sector, the financial sector and agriculture, and also involving a programme of macro-economic stabilisation that commenced in 1991 under the government of Prime Minister Narasimha Rao, in which an economist, Manmohan Singh, was Finance Minister.

5, the SOE would be somewhere between excellent and good. The third section of the MOU spelt out the obligations on the part of the government towards the SOE and the assistance it was required to provide in order to enable the SOE to meet the desired objectives. This could be financial assistance, help in securing clearances from various authorities, tax concessions, approvals for raising funds, etc. An elaborate bureaucracy was created to carry out the task of evaluation. At the top was a committee comprising the cabinet secretary and other secretaries and senior bureaucrats.

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