Govt to revive 5 out of 11 sick PSUs, says Geete - Moneylife

Govt to revive 5 out of 11 sick PSUs, says Geete - Moneylife

The last two decades have seen a conscious neglect of development of public sector units across sectors which have competition from private sector in India. Some of the undertakings now proposed for closure, like HMT, were household brands during the three decades that preceded the LPG(Liberalisation-Privatisation-Globalisation) era.
All these 6 units should, in the fitness of things, be revamped or merged with other good-working units in public/private sector, so that the infrastructure and other assets are put to optimum use, giving an opportunity for the employees to migrate to the new entities. Now GOI is going for the softer option of ‘getting rid of’ employees’ first, sale of movable assets next, followed by transfer of the most precious and valuable asset to private entities/individuals waiting to make easy money.
Even at this late hour, GOI should consider creating an umbrella organisation for PSUs to handle such situations, so that the trained workforce and the assets of units which become sick in certain circumstances can be deployed for serving public interest. If this is not done, this could turn out to be another scam of much greater dimension than 2G or coal, during the current decade.
M G Warrier, Mumbai


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