Public funds management | Business Line

Wait and watch | Business Line



The Hindu Business Line, December 3, 2015



Letters



Public funds management
This refers to the report ‘For every divestment by govt, there is investment by LIC’ (December 2). This brief, well-researched analysis, based on authentic information, should be taken forward.
For historical reasons, the Governement 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 turmoil of the kind being faced by emerging economies. But there are some unhealthy practices followed by the government with regard to management of public resources, including finance, which, if not corrected, can invite trouble.
To be specific, they relate to the assumed ownership rights being exercised by the Finance Ministry with regard to the nation’s savings. It is in this context that we have to view the transfer of resources from organisations such as the LIC or EPFO to those in the private sector or use of legislation to create captive sources for funding public debt with caution.
Gradually, the Government should try to make its transactions market-related and institutions such as the LIC, EPFO and banks should be guided to manage their funds efficiently on a par with their private sector counterparts.
M G Warrier
Mumbai

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