“Corporatising” state-run firms is an alternative to improve their viability: PM Modi - Moneylife

“Corporatising” state-run firms is an alternative to improve their viability: PM Modi - Moneylife

My VIEW:

Let us not debate ‘corporatizing’
and divestment or their merits and demerits. The issue is, nation’s resources
need to be managed better, whether they are owned in ‘public’ or private
sector.
For historic reasons, GOI
has been able to retain the management of funds with statutory bodies and to
some extent even bank deposits. This is a healthy feature and has saved the
country from financial sector turmoil of the kind faced by emerging economies
in recent times.
But, there are some
unhealthy practices followed by government in regard to management of public
resources including finance, which, if not corrected at this stage of economic
development can invite future trouble. To be specific, they relate to the
assumed ownership rights being exercised by finance ministry in regard to
nation’s savings.
It is in this context, we
have to view the transfer of resources from organisations like LIC or EPFO to
organisations in public/private sector or use of legislation to create captive
sources for funding public debt with caution. Gradually, GOI should try to make
their own transactions market-related and institutions like LIC, EPFO and banks
should be guided to manage their funds efficiently on par with their
counterparts in the private sector. Simultaneously private sector which is also
dependent on ‘public’ resources should be guided to infuse prudence and
professionalism in management of resources.


M
G Warrier, Mumbai

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