Balance sheet reforms | Business Standard

Balance sheet reforms | Business Standard

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M G WARRIER
The thoughts shared by Subir Gokarn emanates from the felt disconnect between public good and extant governance. The issues raised call for an overhaul of the governance apparatus (combining policy and implementation) keeping in view social benefits as different from the legal and technical aspects expressly stated in the article. The simmering discontent in the minds of 1.2 billion people who toiled day in and day out to make India rich and were denied any share in the end-product of their work which is there for all to see in the form of the wealth accumulated and being managed and enjoyed by around 600 families in the country is finding expression in various forms, some peaceful, some violent and most of the time as statistics on hunger deaths, increasing number of people going down the ‘Poverty Line’ which itself is defective and designed to camouflage real situation. The political leadership is being blind to the realities when they are trying even at this late hour to resolve the issues being focused in well-intentioned protest movements. The issues get dodged or diverted by raising trivial differences of views, where the real problem is the fear of any ‘watchdog’. Even the open strictures from the Apex Court are ignored or circumvented by raising policy issues. Actually, the private-public sector divide in regard to meeting social responsibility obligations/commitments and a discriminatory approach between the two sectors, when it comes to government policy support, needs a closer re-look. Once it is accepted that the resources of the country belong to the people and irrespective of the nature of ownership (whether government or private individuals/groups/families/organisations), all are handling public funds/resources in a trusteeship sense, this divide can be bridged to a great extent. This approach is all the more relevant for organisations or industries including IT, Telcom, oil, mining and power generation where nation’s precious resources are the input for production. After all, the resources belong to the public. Awareness about the reality has to be created in the political leadership which has slipped from the hands of nationalists (who had a bias towards public sector in core areas of industry and finance in the initial days of independence) to the BPL (Businessmen-Politicians-Lawyers) combine which has within itself families with private sector business interests, especially with the beginning of the ‘cut and paste’ reforms.

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