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Disinvestment of Public Sector Enterprises. Is it a right
step?
#SSC-CGL2018 #SSC-CHSL2018 #IB #SBI-PO (250 words)Important Topics for SSC, IB, BANK
“We shouldn’t be selling the family silver to pay the
grocery bill.” The quote is behind the rationale of disinvestment of Public
Sector Enterprises (PSEs). As for India, this notion of disinvestment came back
in 1991 when government almost became bankrupt. While the intention behind PSEs
arose from the foundation to speed up self-reliant economic growth. Things
transformed since then.
While there are 235 CPSEs contributing around 20% of
India’s GDP. Many of them have turned into bloated inefficient behemoths and a
ditch on the public exchequer. While a CAG report highlights around one-third
PSEs are running on losses. States too not much behind with over 1000 PSEs mostly ailing.
Post-1991 there were major overhauls in organising these PSEs to run in profit
but all such attempts almost failed as socialistic governments used this to mollify the masses as it employs over 1 million individuals. But as
CAG highlighted the burgeoning debts, disinvestment as a remedy should be
considered at. The resources that grow from such disinvestment can fund ailing
ones and promote social indicators like health, education, nutrition, etc.
PSEs are helpful in those areas where the government
has monopoly-like space, nuclear technology, railway or sectors where private
enterprises aren’t eager to invest like
the rural health sector. As PSEs help the government channelise its wealth to
improve the conditions of destitute.
There should be a unique synergy between private and public enterprises as both
can’t be divorced.
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