Thursday, September 12, 2002,
Chandigarh, India
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Fresh focus on disinvestment Apropos of your editorial
“Fresh focus on disinvestment” (Sept 3), quoting the Union Defence Minister, Mr George Fernandes, you have struck the right chord, questioning the logic of turning a state monopoly into a private monopoly. Any type of monopoly is bad, but a private monopoly is worse than a state monopoly. In today’s age of liberalisation we can use profit-making PSUs to offer healthy competition to private enterprises and restrict them from becoming a private monopoly. Government-run ventures are not that bad per se. For example government-run petrol stations, corporations selling fertilisers, seeds, pesticides etc, enjoy much more credibility than their private counterparts for the assured quality of their products. Agreed that it is not the job of the government to run hotels, but still it is the responsibility of the government to create as much employment as possible. In the name of Nehruvian Socialism, which the late J.R.D. Tata termed as “State Capitalism”, we have invested huge sums of money in developing PSUs. Now in this change scenario, privatisation is the keyword today. But we should not accept or discard one economic policy in favour of the other blindly without taking into account ground realities. Common sense and natural wisdom should not be forsaken in the enthusiasm of pursuing a certain policy. So selling these prime public properties in a hurry amounts to criminal negligence. This disinvestment policy should be debated at every possible forum to frame some general guidelines for disinvestment. |
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