(The article is published on page no. 8, 9 & 10 in ‘Organiser’ dated 04 March 2018)
Onerous Legacy of Congress Era
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(The article is published on page no. 8, 9 & 10 in ‘Organiser’ dated 04 March 2018)
When India gained independence socialism was the talk of the town due to similar waves in China and USSR. Nehru was expected to choose socialism over capitalism since India had huge disparity in incomes.
The key difference between developed economies like USA and UK and those that are developing like China and India is that the latter ones focus more on equitable distribution of wealth, but this has failed their economies.
Has Patel been India’s prime minister rather than Nehru, corruption in public sector enterprises would have been nipped in the bud. Sad that we are now burdened with the legacy of Congress politicians.
It is not that all public sector undertakings are not working efficiently. Oil and gas companies and refineries are in global fortune 500 list and they post strong profits. Not every PSU can be blamed of bad governance.
Banks which are owned by government are always under the pressure of lending to corporates who have ties with politicians. Only way to make them free is to privatise them at the earliest.
Even most banks of China are state owned but the NPA problem there has been efficiently tacked by government in 2000s by introducing reforms in banking and founding asset reconstruction companies.
Time has come that India moves to a true capitalist economy. The seeds were sown in 1991 by liberalising many sectors. Government must reduce its stake in most PSUs except those which work dominantly in public sphere.
Indian economy is growing at the fastest rate in the world. But our banking sector is struggling which is not a good sign for stakeholders. PM Modi must initiate either consolidation in this sector or selling government stake.
Problem lies in the way most government banks carry out their day to day tasks. No one has any accountability for financially non-viable decisions and hence profitability is taking a hit.
Nehruvian ideology of having a robust public sector has lost all its sheen now. From Air India to banks like PNB and even SBI, all are now under the sick category. Bold decision making is needed like done in past by BJP.
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