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Public sector units in india are white elephants?
Answerer 1
There are shining examples in which PSUs outshined even corporates.These are the few examples for your info
1)Bharat Electronics Limited
2)Bharat Heavy Electricals Limited
3)Bharat Petroleum Corporation Limited
4)GAIL (India) Limited
5)Hindustan Aeronautics Limited
6)Hindustan Petroleum Corporation Limited
7)Indian Oil Corporation Limited
8)National Aluminium Company Limited
9)NTPC Limited
10)Oil & Natural Gas Corporation Limited
11)Shipping Corporation of India Limited
12)Steel Authority of India Limited
The list is not final......!!
All these companies made our country proud.....!!Its pure motivation,determination, planning,commonsense and hard work that script success stories.Be it Corporates or PSU if any one lack it ,they will become White Elephants.No doubt.....!!
Jai Hind
Answerer 2
Please go through the example of GSFC, only with in two years one IAS officer ( sorry I forget the name of officer) change GSFC from non profit to profit organization two years back. Other example is Gujarat Electricity Board which were running always under loss but Narendra Modi had taken such action that now it has been having surplus since last three years.
So if political wish is there, definitely White eElephantcan be changed to golden fish
Answerer 3
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Indian PUBLIC SECTOR Units like Post, Railway, SAIL, BHEL. Coal India, ONGC, OIL Companis,SBI and Nationalised Banks, LIC, SHIPPING Corporation and so on to be DIS INVESTED and Privatised have become MINES FIELD thanks to LPG MAFIA Ruling India.
But TRADE UNIONS and their ECONOIstic Movements spare no SPACE to realise the DANGER AHEAD with SWIFT CURVE. It is DECIDED and PREDESTINED. Let the Loksabha POLLs get over!
I dare not to convince my wife at home.
Savita challenges my vision quite AGGRESSIVELY, `how do you say that?”
I have every EVIDENCE, Hard and SOFT TEXT to prove the theory to be implemented STRATEGICALLY. But I may ot discuss it with my wife fearing a NUCLEAR FUSION! Until a SOLID RESISTANCE mobilised, we may not open all our CARDS at hand!
The RULING Marxist KAYASTHA Brahaminical Hegemony in West Bengal have transformed the TEA as well as Cotton and JUTE Industries into Graveyards. More than FIFTY SIX Thousand factories and Industries had been CLOSED and the Land sold out to Promoters, Builders and retail Chain under Marxist supervision following Marxist Capitalist DE INDUSTRIALISATION Drive!
These Marxists hold the MONOPOLY in Indian Trade Union Movement and all the PSUs are the BASEs of Marxist resource Mobilisation. PSU employees worship trade union leaders as they worship their gods and goddesses. I have no FORUM to break this Illusion! Neither of us. Medha Patekar leads the Save Narmada Valley Movement but the DISASTER never stops. Medha and Ulka Mahajan have been leading Navi Mumbai Resistance movement. They have stopped to visit Navi Mumbai. We never see Medha in Singur or Nandigram nowadays. Now Medha JUMPS into GORKHALAND! But she never cared to see the DEATH Processions in Darjeeling tea gardens. This METHODOLOGY of our Mass Movement leaders backed by NGOs stand nowhere!
Thus, I am trying my best to HOLD on the available Information and Evidences of Betrayals and PLOTs most unholy until a REAL Resistance is mobilised!
I dare not to answer the queries of the General Audience as they quote Marxist and Trade Union Leaders and finally the Current Recession to prove the RESILIENCE of PSUs denying their Mines field status!
The daily Passenger Friends in Down Majherhat Local train welcomed me back from Maharashtra with warmth. But they won`t believe my contention. They tend to make it light as they believe their Trade union Marxist Masters!
Mumabi based kanai Lal biswas happens to be a very DEDICATED worker of Mulnivasi Bamcef, led by VAMAN MESHRAM. He belongs to the BANGAON Rural area in North 24 Parganas of West Bengal. he was brought up in Bangaon at his maternal Uncle`s house. He shifted to Mumbai having passed High School in seventies and started his career as a PORTER in Mumbai dock where he happens to be working as a third class employee. He happens to be one of the most Prominent Host for me in Mumbai.
On 31st January, while we were interacting with Feroze Mithiwala and his associate on ZIONISM and Judaism, he landed at YADAV residence. After the meetings, kanaida inted to accompany him to KANDIWALI where another Bangaon based Bengali friend MR Haldar has a flat. I followed and it happened to be a very pleasant EVENING for me.
Mr Haldar belongs to Thakur Nagar, famous for Matua Head quarter!
Haldar was an engineer but opted for business in construction sector. He has an excellent apartment in Kandivoli. While we landed in the apartment, Mrs Haldar, an ANTHROPOLOGIST welcomed us and informed that Mr Haldar was away in VELLORE for the treatment of his ailing mother. But mr Haldar rang kanaida several times to visit his home. In fact, kanaida as well as Mr haldar wanted me to get introduced to their daughters RINKY and PINKY. Luckily they planned it.I was not feeling well. As I was tired of long Discussions all the day long on very complex subjects like Zionism and Political Economy!
First Pinky appeared from her room. Rinky was hesitating. But her mother drove him into the drawing Room. Very soon we became FRINDLY as I personally love to interact with generation next!
I enquire about their studies. Pinky is a Post Graduate student in Commerce discipline and plans to become an Industrialist. I asked about her syllabus. She pronounced the specific paper of Strategic market and Strategic marketing with other common papers. but she could not enlighten me on the subject. though I was damned INTERESTED!
Pinky has a Model Personality. She is a TEENAGER Beautiful Love able girl! Pinky informed me that she was selected among the fifty girls for modelling but withdrew her name for Cultural barrier. I enquired whether they know anything about Cultural Barrier or Cultural shock as economic terms! They could not elaborate. RINKY wants to innovate latest kinds of Mobile as opting for Electrical Engineering. She is crazy about gadgets. I understand it very well as my only son, STEVE is also damned busy with the Gadget CRAZE. I was pleased with the pleasing personality of the two young girls and had been lucky to share their dreams and ambitions!
At a point while Pinky was defending her parents very violently, I was prompted to say,` I would love to have a daughter like you! I adopt you!’
Unfortunately I could not connect either Pinky or Rinky while I was leaving Mumbai and even till this date. though I requested kanaida to help me connect with the Family!
The term Strategic Market and Marketing Strategy struck me very hard as I am dealing with the issue of strategic sale of PSUs at this point!
New Delhi 
Call for privatisation of public sector units to boost growth
Special Correspondent
| Indian Liberal Group for greater employment generation with labour reforms |
NEW DELHI: The Indian Liberal Group (ILG) on Friday called for vigorous disinvestment and privatisation of public sector enterprises and greater employment generation along with labour reforms.
It stressed the need for achieving growth in agriculture, while bringing the sector under the tax net as part of its 15-point package of initiatives for the Government's consideration.
In a document titled `Liberal Budget 2007-08: Taking Reforms to the Poor,' the fourth such in its annual series, the ILG sought to project the liberal viewpoint on all matters pertaining to the economy and budget-making so that the benefits of the high GDP growth and various reforms reached the poor and became "inclusive" instead of widening the disparities.
Highlighting the initiatives suggested, at a seminar organised jointly by the ILG and the Press Institute of India here, Sunil Bhandare, economist and chairman of the drafting group of the Liberal Budget (called LB4), said the country's growth would depend on the acceptance of liberal values and the promotion of free enterprise. In this respect, "it [LB4] is a structure of fiscal management with a view to achieving maximum welfare of the community within a democratic framework."
In its document it said economic reforms by the UPA Government were being diluted due to constraints of coalition politics, particularly by "attacks from the Government's own Left Front allies."
Economic reforms
To put the reform process back on track, the Group stressed that disinvestment and privatisation of PSEs should be pursued vigorously to mop up about Rs. 35,000 crore immediately and about Rs. 50,000 crore in the next three to four years.
On the labour front, it said reform of obsolete labour laws was essential while introducing flexibility. Only then would 10 million jobs be created annually to help tackle the unemployment problem. As for agriculture, the laggard that has been impeding faster growth, it urged the formation of special zones to promote the farm sector. At the same time, it has formulated a scheme for taxing agricultural income as an integral part of the Income-Tax Act.
Another major suggestion pertains to fiscal discipline as envisaged in the FRBM Act. Terming the legislation sacrosanct, it rejected "any compromise" on this score, except in the event of a fiscal emergency or unprecedented counter-cyclical considerations.
Turning to poverty alleviation, the ILG said such programmes should assume centre-stage in the Government's scheme of things.
http://www.hinduonnet.com/2006/11/04/stories/2006110416601000.htm
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Proposal on Privatization in India: Ideas on Implementation
January 15, 2000
The following proposal on how to implement privatization of public sector companies in India is prepared by a committee consisting of the following individuals:
K. Palepu, Harvard Business School; C.K. Prahalad, University of Michigan; R. Rajan, University of Chicago; H. Raghava, Merrill Lynch; Marti Subrahmanyam, Stern School of Business (NYU); Abraham George, The George Foundation; V. Gandhi, Morgan Stanley; N. Vaghul, ICICI Ltd.
Preamble
The millennium offers a vantage point from which to reexamine the priorities of the Government of India (GOI). The new government and the opposition parties are united in their determination to increase the spending on human development and welfare in primary and secondary education and basic health care for all. The target is to increase the current spending which is at 1% of GDP to 6% of GDP over a period of five years. Simultaneously, GOI is interested in privatization of public sector to improve the efficiency and productivity of the Indian economy. Subsidies for the public sector units is expected to rise significantly in the coming years. We believe that more than $100 billion can be raised (in potential market capitalization) over the next three years by a workable privatization initiative. We see the two goals -- enabling investment in human capital and unlocking the value of past public sector investments -- as two sides of the same coin. We suggest that GOI see the task as one of shifting priorities from owning, managing and subsidizing commercial ventures which mostly benefit the few to investments in human infrastructure that benefits all, especially the poor and the needy.
Principles
We believe that a task of this magnitude cannot be managed without a clear framework of principles. Ad hoc, partial or expediency-driven actions will not do. We outline below the broad principles that should govern the privatization initiative. We believe that these principles address not only the economic but political and social issues arising out of privatization of the public sector in India.
1. The goal of privatization should be improve the competitiveness of India's industrial infrastructure and enable it to become world class. Privatization should not be motivated only by our current account deficits.
2. All commercial public sector units should be privatized over a five-year period. Speed is the essence. The longer we wait, the lower will be the market value of public sector assets in today's terms. Also quicker privatization will allow for faster investment in healthcare and education of the current generation.
3. The social implications of privatization, namely, unemployment and the need for a social safety net must be dealt with openly and fairly. We should strive for a process of privatization that represents a "win-win" for all. To this end, current employees of public sector units should be allowed to share in the benefits of privatization. Further, part of the proceeds of privatization should be earmarked to provide for unemployment compensation, retraining, and reemployment of employees displaced by privatization. In particular, privatization can provide more prosperity and stability for employees whose human capital is currently locked up in over-manned and under-performing units with an uncertain future.
4. There should be a nodal point for the privatization effort. Accountability must be fixed in one senior minister reporting to the Prime Minister. This minister should have the authority to expedite and approve all privatization efforts. Responsibility for the effort will be focused. The multiplicity of ministries and authorities currently involved should be disassociated with the initiative.
In sectors that are natural monopolies or involve public safety, privatization will require some regulatory infrastructure. Independent regulatory authority is critical to regain the trust of the public, create transparency, and for the market to function effectively.
5. Implementation should be decentralized. The Board of individual units should be responsible for implementation of privatization within the broad framework of principles laid down by the Privatization Ministry. If necessary, Boards of public sector units should be strengthened so that they are well equipped to perform this function.
6. Government should choose the first set of public sector units for privatization using the following criteria:
1. Degree of demand for these assets (e.g. petroleum, hotels)
2. Influence that the efficient operation of this sector will have on the rest of the Indian economy (e.g. telecom, infrastructure)
3. Degree of capital intensity and size of investment required in this sector to be globally competitive (e.g. mines, shipping, steel)
The goal should be to attain early successes, rapidly improve the competitiveness of Indian industry (not jus the public sector) and accelerate resource realization.
7. To make sure that employees will benefit from privatization, and also have the incentive to improve value so as to fetch the best price to the nation, all public sector units should be allowed to allocate up to 20 % of the stock, free of charge, to the entire workforce as of a target date; say march 31st., 2000. All employees of record on that day should become co-owners of the company along with GOI.
8. Once a unit is chosen for privatization, its Board should be expected to submit, to the Privatization Minister, within a period of 6 months, its plan to restructure and revitalize the unit. Each unit should examine its portfolio to identify its core and non-core businesses, as well as the general approach to revitalizing the unit will be as follows:
1. Identify the portfolio of businesses, products and services, which the Board and management feel can propel the company into an efficient operation that can sustain itself without any help from the GOI. Each unit must retain only the minimum complement of employees needed to make that unit very efficient. For this unit all subsidies in all forms will be cut off from the date of completion of its privatization.
2. The Board should identify and group all surplus employees. Preferably, they will be housed in a different location. These employees should be provided a safety net of up to two years. Their current salaries and benefits should be protected for that period. During that time, they should be retrained and encouraged to seek other opportunities. They may choose to receive their benefits as a lump sum. Each unit should be encouraged to offer outplacement services. The private sector should be given tax incentives to retrain and employ displaced public sector workers.
3. Non -core businesses may be offered as a Management Buyout option to its current managers and associates, or divested.
4. The Board may seek any external assistance in determining their actions and timetable.
9. A portion of the shares of the privatized firm, say 25%, will be available to the Indian investing public. Public participation, at the time of privatization, may be a way of allowing the upside to be widely shared.
10. The Board should be free to form alliances, JVs or seek domestic and foreign investment subject to the current laws of the country. If a substantial stake is to be sold to a strategic investor, earn out arrangements should be used to alleviate potential concerns regarding the sale price. Also, wherever possible, attempts should be made to establish a market price for shares before a strategic sale.
The Boards should be required to abide by governance procedures that protect the interests of minority shareholders.
11. The Privatization Ministry should review all plans before they are put in motion. The Ministry will be supported, in its judgments, by a group of 12 eminent individuals who prescribe to the basic principles of privatization and fervently believe in making India a preeminent industrial power. The Ministry can take up to a maximum of two months to respond. If the Ministry does not raise any objections to proposals from the Board of the public sector unit, within this time period, the unit should have the authority to proceed with the proposal.
12. These proposals must be seen as an integrated package. If the policy makers "pick and choose", the benefits of the privatization initiative will not be fully realized.
What is Different about this Proposal?
We believe that our proposal addresses several important issues that stymied past privatization efforts in India.
1. It clearly addresses the potential benefits of privatization to the Indian public - redirecting public investments to education and healthcare, and creating an economy that is concerned about creating efficiency and jobs. Such articulation is likely to increase public support for privatization.
2. It addresses the concern of public sector employees. It makes them stakeholders in the privatization process, and it provides for a safety net for displaced workers.
3. We recommend separating people from assets in the privatization process. This allows us to create a very efficient public sector enterprise, before it is privatized, increasing its market capitalization significantly. All benefit from this process - GOI, current employees, and the Indian public. Secondly, we protect the interests of the employees - by protecting their wages for two years and retraining and out placing them.
4. It deals with the potential concern that he sale prices may be too low in two ways. First, we require 25% of the shares to be sold to the Indian public, so that they benefit from subsequent price appreciation if the share price at sale is too low. Second, we recommend earn-out provisions that will help GOI receive a portion of the post sale profits.
5. Our proposal recommends centralized supervision and decentralized implementation. As a result, we think that the privatization process is likely to be quick and transparent. It is also likely to encourage experimentation and learning.
6. Because our proposal is geared toward increasing the efficiency of the current public sector units, rather than as a mere fiscal exercise in bridging the budget gap, it will reduce the overall cost of doing business in India and increase the competitiveness of the Indian industry as a whole. Therefore, our proposal is likely to get the support of the private sector as well.
7. Since the proposal focuses on the creation of an efficient and profitable industrial sector, rather than merely balancing the budget, it creates a favorable climate for foreign investment. The long- term effects of this process go beyond the benefits of privatization.
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The fate of these three public sector vaccine units has almost been sealed with the Union health ministry's expert committee saying in its latest report that these facilities have inherent problems for renovation and "cannot be renovated to meet the expectation of the current Good Manufacturing Practices (GMP) standards and vaccine cannot be manufactured."
The licences of these three units were suspended for non-compliance with GMP norms from January 15 this year.
Till then, BCG manufactured anti-tuberculosis Bacillus Calmette-Guerin vaccine for the last 60 years, while PII produced DTP and anti-rabies vaccine. CRI, on the other hand, was the main contributor of the DPT group of vaccines.
The report, submitted to the ministry recently, has recommended that CRI should be developed into a measles surveillance centre. It said that CDL should function as a national reference centre for vaccine standards, test vaccines and "take up work related to stem cells". The institute has also been asked to prepare a detailed plan for new manufacturing facilities for yellow fever vaccine, influenza vaccine (seasonal and pandemic), acetone killed vaccine and tissue culture anti-rabies vaccine and create an anti-sera facility.
With regard to the BCG lab, the committee has recommended that it be converted into a Central Drugs Laboratory (CDL) for testing of cosmetics.
PII, on the other hand, has been asked to prepare a detailed plan for manufacturing tissue culture anti-rabies vaccine. It will also be turned into CDL for testing of medical devices like orthopedic implants, cardiac stents and catheters.
"The Institute can impart training to scientists of other institutes in the field of vaccine production and quality control and train post-graduate students in vaccinology, microbiology and biochemistry," said the report.
The expert committee was headed by the drug controller general of India, Dr Surinder Singh.
Union health secretary Naresh Dayal had told TOI earlier that instead of producing vaccines, the units would now function full time in testing the safety and efficacy of drugs and vaccines produced and sold within the country or exported, besides detecting counterfeit and spurious batches of drugs.
Dayal had said: "We will not lay off any of the staff from these three manufacturing units. Till now, they made vaccines. Now, the staff will be retrained into testing drugs."
According to experts, India, with its rapidly growing pharma industry, is in dire need of central drug testing laboratories. Nearly 2,500 crore vaccines — 35 different types by nearly 15 different pharma companies — are produced in India annually. But to test them, India has just two labs — BCG (Chennai) and CRI (Kasauli). To test general drugs, India has just 26 seven central and 19 state drug testing laborites.
Around Rs 4,500 crore worth of drugs are sold in India annually by 8,000 various manufacturers. "Less than 1% of the drugs manufactured are presently tested due to lack of staff and labs. Each of the 26 drug testing labs has a backlog of 6-9 months. Ideally, a sample sent should be tested within 6-8 weeks," officials said.
GM cuts 10,000 jobs, Nike another 1,400 11 Feb 2009, 1000 hrs IST |
| General Motors Corp. is planning to slash another 10,000 salaried jobs this year, saying the cuts are unavoidable with a government restructuring deadline looming and industrywide sales in one of the worst downturns in history. |
Oil prices tumble after US rescue plan unveiled 11 Feb 2009, 0304 hrs IST |
| Oil prices fell alongside the broader markets with few details released about a Treasury Department program to raise more than $1 trillion in public and private funds to free up credit markets. |
11 Feb 2009, 0407 hrs IST |
| The United States rolled out a rescue plan to purge up to $500 billion of bad assets from banks' books while the Senate approved a stimulus bill to tackle America's worst recession. |
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Public Sector Units:
Privatisation or Economic Destruction?
N. Bhattacharyya
It is a misfortune for the successive caretakers of the Indian state that even in the age of globalisation there are still some residents who have the courage to challenge the Government of India’s policy on the sale of the Public Sector Units (PSUs). A large number of these units were built up brick by brick with the money of poor tax-payers. In a semi-feudal and semi-colonial economy, tax collected from indirect sources like sales tax, excise duty etc. and paid by millions of Indian people living in cities and villages has remained around 4 times higher than that paid by the business community of this country as direct tax. In India the highest rate of income tax is 30 percent while in the USA, the so-called heaven of the rich people of the world, it is still as high as 50 percent and tax is paid by businessmen unlike our rich who feel proud of evading it! Around 35 percent of India’s GDP is said to be black money or income not disclosed officially to avoid tax.
The proposal to privatise the Uttar Pradesh (U.P.) State Electricity Board was not only opposed by lakhs of workers and their families but also by the consumers of power in U.P., who wanted an assurance from the government that after privatisation the tariff on power would not go up. There is a well-planned campaign against our workers which says that the loss of power both in production and distribution is due to the corrupt practices of the low-paid employees. It is the business community and their mafia who are primarily responsible for the sickness not only of the power industry but also of the rest of the PSUs. If the employees are corrupt, what stops the bureaucracy from proceeding against them under the various Acts? The Central Vigilance Commission is publishing the names of corrupt bureaucrats, but people are accustomed to these official gimmicks. The U.P. Indian Administrative Service Association once decided to publish the names of its most corrupt members, but nothing concrete happened. Politicians decide where electrical power should be free or subsidised but they blame the workers and poor consumers for the sickness of the industry. In Punjab a rich peasant gets power free of cost, but a poor agricultural labourer has to pay through his nose for his single bulb connection. In Maharashtra the Shiv Sena - BJP Government decided to allow Enron to sell power at the highest rate in the country and at the same time ordered the Maharashtra State Electricity Board to supply free electricity to the rich cultivators particularly to the sugar barons of the state. In Delhi no one dares to disconnect the illegal power consumption of factory and hotel owners who enjoy political patronage cutting across political affiliations. However, the shanty dwellers in Delhi are shown in the media as the main culprits in stealing power, though it is well known that they use power for home consumption and that it is a small proportion of total electricity consumption in the state. The government says it will not shoulder the management of industry and commerce, rather its responsibility will be to look after only law and order issues. Who is stopping them from prosecuting the criminals stealing power according to the laws of the country? Industrial tariff for power in India is very high. In Madhya Pradesh it is Rs 3.81 (if S. Kumar’s hydel project on the Narmada river at Maheshwer / Mandeleswer is allowed to work, the cost of power will rise to Rs 5 per unit). In comparison in Canada it is Rs 1.70, in Thailand it is Rs 0.80 per unit. With the coming of the USA giant Enron into Maharashtra the power tariff will jump to Rs. 5 and above from the existing Rs 3.51 per unit. (Economic Times, 4.2.2000). The Indian state allows power pilferage by the big industrialists and rich farmers while the poor consumers have to suffer paying a higher tariff and endure long periods of load-shedding even in winter when consumption goes down. The Indian state is taking full advantage of the lack of organisation of consumers and the massive illiteracy in the country. It is good that the majority of Indian poor who are called adivasis and dalits and who officially accounted for 24 percent of total population in 1991 have yet to see electric lighting in their rural huts, though the Rural Electrification Corporation has encroached on their small pieces of land to install huge structures to connect transmission lines to carry electricity to the cities. Till today the government cannot blame them for loss of power! We make an attempt to ‘peep’ into the organised loot that is going on in India by vested interests in the name of ‘development’ not only during the last 10 years of ‘reform’ but also since the days the Britishers were planning to hand over administrative powers to the Indian business community and with their consent and retained with themselves economic decision making powers for the Indian market.
The Bombay Plan (1944-45) of the Indian business community which was authored by stalwarts like Sir J.R.D. Tata, G.D. Birla, Sir Shri Ram, Kasturbhai Lalbhai, A.D. Shroff and John Mathai and others affirmed ‘that practically every aspect of economic life will have to be rigorously controlled by the Government’. Wadia and Merchant also said, ‘The future for investment which the authors of the Plan envisage is evidently a holy alliance between foreign capitalists and themselves on a profit-making basis, of which we have had such bitter experience in the past and in the present.’ (P.A. Wadia and K.T. Merchant, The Bombay Plan: a Criticism, Bombay, 1945, pp. 29-40 and pp. 43-47). H.V.R Iyenger of the Indian Civil Service who retired as Governor of the Reserve Bank of India said in the late sixties, ‘Indeed, there seems little difference between the basic approach of the Bombay Plan and the approach of the Planning Commission of the Government of India…’ Though many people still believe that Nehru wanted to make our economy socialistic in actual fact it was the business community who guided the government to build an infrastructure for their ‘profit’ accumulation and appropriation.
A propaganda mill is working overtime stating that the previous license-permit Raj was socialistic and that the new liberalisation, globalisation and privatisation is a fundamental break from socialism. This is absolutely false. Under Nehruvian ‘socialism’ and Indira Gandhi’s ‘nationalisation’ and abolition of ‘privy purses’ drama the big business houses were allowed officially to corner all licenses, they enjoyed absolute freedom to exploit the unorganised ‘bonded’ consumers. Monopoly and oligopoly of both Indian business houses and foreign capitalists were the order of the day. Many committees and commissions clearly established the nexus between policy makers and the business families in this conspiracy against the country. They conspired to bleed the consumers and destroy the natural resources of this country and went on accumulating unaccounted wealth in foreign banks with the connivance of a corrupt bureaucracy and criminal politicians. It is a total fraud on the part of Indian business community to blame the Congress government alone for the present sickness of the Indian economy. An average Indian knows how these business families and their imperial masters colluded with the politicians to rob this country and create an ever-widening gulf ‘between the haves and the have nots’.
Since 1991 Indian big business houses have gone out of their way to welcome the arrival of more MNCs. Some of them immediately sold off their enterprises to them and started afresh their commission agency business from where they had started in the early fifties when foreign capitalists left India and sold their ‘managing agency houses’. Transnational Corporations are busy in acquisition, amalgamation and absorption. Indian big business houses are advertising in the media and through the Internet to sell their units to the highest foreign bidder. There is a rush to sell shares through American Depository Receipts (ADR) or Global Depository Receipts (GDR) or both. Each private operator is trying individually to raise as much foreign loan as possible through the External Commercial Borrowing (ECB). The government of India, now run by the Bhartiya Janata Party led National Democratic Alliance, has no obligation to see that the foreign exchange raised in this process is brought to India and used for the specific purpose for which it was permitted. In the meantime the government has replaced the Foreign Exchange Regulation Act by another soft law called the Foreign Exchange Management Act (FEMA) which has no authority to bring to book foreign exchange manipulators.
The Central government too is competing with the private sector to sell off profit-earning public sector units embodying crores of rupees of hard-earned taxpayers money. The BJP which was previously known as the Jana Sangh is basically a north Indian small traders’ party and today it is in power for the third time in three years, The trading community from all parts of the country is willing to support the BJP. During its 13 months rule in 1998-99 it decided to withdraw the Essential Commodities Act to allow traders to fleece the unorganised consumers. It allowed mustard oil dealers in the capital of the country to poison consumers by selling adulterated edible oil. It also ignored its responsibility when onion wholesale traders hijacked the market and sold onions for Rs 60 and more per kilogram, till public protests compelled the government to intervene and it was forced to import and sell onions through the public distribution system. They promised to bring a new Essential Commodities Act with sharper teeth but nothing has happened. It is a complete breach of trust and well-planned fraud on the citizens of the country.
Recently the Indian government sold off a 75 percent share of Modern Food Industries to Hindustan Lever Ltd. which is a subsidiary of the Anglo-Dutch company Unilever Ltd for the paltry sum of Rs 105 crores. If tomorrow they purchase the rest of the 25 percent share for another Rs 30 or Rs 40 crores, they will inherit a company whose net worth is some thousand crores of rupees. The land value of its Delhi factory alone today is reported to be more than 2000 crores. Is this democracy or simple plutocracy?
The government wishes to have a ‘strategic sale’ of Indian Airlines. It is not unknown to Indian politicians that Margaret Thatcher privatised British Airways in the eighties and today under private ownership British Airways is already declared sick. Will they nationalise it again as our politicians did with a large number of sick private sector units in the past after their owners were allowed to squander the resources of those companies. Will the private air transporters fly on uneconomic routes to different parts of the country as Indian Airlines was ordered to do or will they concentrate only on the profitable routes?
The Indian state officially shows interest in the ‘development’ of this vast country of one billion people, but individually all the states and the centre have declared themselves virtually bankrupt and they cannot meet their day to day minimum administrative commitments without raising additional loans internally. Internal debt as a percentage of GDP was 45.44 percent in 1985-86, it went up to 51.51 percent in 1991-92 and in 1998-99 it stood at 51.05 per cent of GDP. Interest payment on loans as a percent of GDP went up from 2.86 percent in 1985-86 to 4.87 percent in 1999-2000. During 1999-2000 the gross market borrowing of the government is projected at Rs 84014 crores, while the centre would be paying an estimated Rs 88000 crores as interest on its liabilities, up from Rs 77248 crores in 1998-99. Due to the devaluation of the rupee, over- invoicing and under-invoicing of imports and exports respectively, accelerated by the withdrawal of restrictions on imports, the Indian balance of trade is permanently out of the control of the central government. The foreign debt is mounting rapidly and we are paying back to the G-7 countries more than what we are receiving as fresh loans annually. The external debt in billions of US dollars was 83.8 at the end of March 1991, it went up to 99 in 1995 and came down to 95.2 in September 1998. In such a scenario there is no other alternative for a country of one billion people than to behave as a schoolchild under the command of the G-7 countries and their managed institutions like World Bank, IMF and WTO. Our ruling elite had to express its regrets for its nuclear experiments and had to assure USA that it would sign the CTBT and only then did these countries agree to withdraw sanctions. Wherever the multinational corporations have set up their tents in the third world countries, they have wilfully destroyed the natural resources of these countries and virtually made them new colonies without any responsibility to the people. They enter these countries as agents of ‘development’ but end up as agents of ‘destruction’. In India, officially administrative powers were handed over to the elite group who enjoyed their confidence in 1947, but despite tremendous sacrifice made by ordinary people, till today it is a common scene invariably in all cities- small or big- to see human beings fighting for food with dogs in the filthy dustbins. Lakhs of young people in the cities are shown on television merrily drinking soft drinks produced by the MNCs while, in the villages people are forced to drink muddy water and suffer from a hundred and one diseases. Mr. Narasimha Rao, one of the Prime Ministers who was ordered to introduce ‘reform’ in India in 1991 had to agree publicly in a meeting of the Confederation of Indian Industry last year that his reform measures had only introduced producers of fast food industries, consumer durables and big automobiles for the narrow roads of India. It is the President of India who has had to warn the government recently that its ‘privatisation’ policies had only created a market for the MNCs but that growing retrenchment and social disparities have created tremendous social tensions. The number of people below the poverty line has increased tremendously both in the villages and in the cities during the reform regime. Small traders and a large number of small-scale industries are closing down their shutters. Big business has already replaced many of them. The President’s suggestions of the need for ‘pedestrian crossings’ in first track lanes is a clear warning signal against imperialist exploiters and their Indian puppets.
Most of our PSUs are economically viable and the nation receives a huge amount every year of corporate taxes from them. Their counterparts in the private sector evade paying any tax or they pay a very small amount which cannot be avoided. The following Table-I shows that so far as payments of corporate tax are concerned, it is the PSUs who pay the highest amount of corporate tax.
Table I
Top Advance Tax Payers in Mumbai Region
| (Rs. crores) | ||||
| Company | Expected Tax in March 00 | Tax collected in 1998-99 | Difference % | |
| * | Deposit Insurance Credit Guarantee Corporation | 802.53 | 755.53 | 6.22 |
| * | Life Insurance Corporation | 744.91 | 613.66 | 21.39 |
| Videsh Sanchar Nigam Ltd. | 697.33 | 600.00 | 16.22 | |
| * | Indian Oil | 425.91 | 452.00 | -5.77 |
| ** | Hindustan Lever | 294.67 | 250.00 | 17.87 |
| * | Hindustan Petroleum Corporation Ltd. | 251.89 | 353.00 | -28.64 |
| ** | Mahindra & Mahindra | 66.67 | 42.53 | 56.75 |
| ** | Reliance Industries | 64.67 | 42.53 | 56.75 |
| ** | Tata Sons | 59.33 | 65.20 | -9.00 |
* Public Sector Units
** Private Sector
(Economic Times dated 27.1.2000)
There is need for a large amount of money and these PSUs are laying golden eggs. Till yesterday our politicians used to call them Navratna (the Nine Jewels). Now they are to be handed over to the private sector so that they can enjoy a monopoly in the market economy. The Indian Petrochemical Corporation Ltd., one of the Navratnas which earned huge profits till destabilisation was started by the politicians is going to be handed over to its competitor Reliance with a 26 percent stake so that they may enjoy a monopoly in the petrochemical market! In this game of disinvestment/ strategic sale/ privatisation, our politicians were advised to go slow by their foreign masters and not to be in haste. The following Table II shows how their disinvestment / sale campaign performed during the last decade.
Table II
PSU Equity Disinvestment
Year | Budgeted | Actual |
1991-92 |
2,500 | 3,038 |
1992-93 | |
2,500 | 1,961 |
1993-94 | |
3,500 | -48 |
1994-95 | |
4,000 | 5,078 |
1995-96 | |
7,000 | 362 |
1996-97 | |
5,000 | 380 |
1997-98 | |
4,800 | 912 |
1998-99 | |
5,000 | 9,006 |
1999-2000 | |
10,000 | 1,500 |
Total | |
44,300 | 22,189 |
(Rs crores)
(Hindustan Times 10.10.99)
Our imperialist masters understand, that the PSUs which are owned by the Indian public are a threat to the monopoly exploitation by the MNCs and they should be demolished. As US $ 100 billion external debt is due from India the G-7 countries through the World Bank, IMF and WTO have the possibility of controlling the economic and foreign policies of this country.
Indian organised labour, who have gained reasonable economic prosperity after independence in comparison to their lesser privileged brothers in the unorganised sector, should be in a strong bargaining position to stop the privatisation of the PSUs. Moreover, at this moment the BJP’s trade union has the largest membership and they should be reminded of their obligation to the labour movement of this country. In the last ten years the government wanted to collect Rs 44000 crores to meet its budget expenses by selling off the PSUs but it ended up spending hardly 50 percent of the budgeted receipts. That was done also by selling PSU scripts at throwaway prices. Today there is more than one method to sell shares, and if the government followed transparent policies, they could get much better prices. But look, by merely changing Telecom policy last year from a licence fee system to a revenue sharing one the government gave up its legal claim to a huge amount of Rs 50000 crores as licence fees. The office of the Comptroller and Auditor General has given its note of dissent but the scam goes on.
Here we have a government which is compelled to give more and more concessions to the big business houses e.g., no tax on profits from exports, concessions on Depreciation allowances and Development rebate etc. Very large companies who earn huge book profits need not pay any tax, even the minimum amount of corporation tax levied recently on the so-called no tax companies is going to be diluted. Non-performing assets of the nationalised banks stand today at more than Rs 45000 crores and a Confederation of Indian Industry committee suggested the winding up of three such banks with huge non-performing assets. When bank workers suggested that it was the big business houses led by the well known office bearers and members of the Trade Associations who had failed to return the bank loans of the nationalised banks and that their names should be made public, the government departments took the plea of the ‘secrecy’ clause of the Banking Law. Big businesses are the main clients of foreign banks not because they are operationally efficient but because these people have huge sums of money stashed away in foreign countries. But they go to the nationalised banks when they are assured by the politicians that they need not repay their loans, of course against some price. Instead of privatising nationalised banks, an independent tribunal headed by a retired judge should be appointed by the people of this country to find out how these public funds were systematically siphoned off and who did it. In the meantime recovery should be made of outstanding loans by all means including announcing the names of defaulters and humiliating the so-called self imposed ‘trustees’ of this vast economy. The promoters of privatisation should know that the Indian people in the dawn of 21st Century will not allow their country to be destroyed further without registering suitable challenges. The government will definitely sharpen its black laws like the old Terrorism and Disruptive Activities Act and continue annihilating peoples’ representatives as encounter killings in different parts of the country. Indian history is at crucial juncture. The writing on the wall is clear and unambiguous. As Suniti Ghosh has pointed out ‘in the course of the struggle not only will be country be changed but they (the fighting Indian people) themselves will be transformed. The filth of the ages will be swept clear.’
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| National Fertilizers Ltd NFL was incorporated on 23rd August, 1974 with two manufacturing Units at Bathinda and Panipat. Subsequently, on the reorganization of Fertilizer group of Companies in 1978, the Nangal Unit of Fertilizer Corporation of India came under the NFL fold. The Company expanded its installed capacity in 1984 by installing and commissioning of its Vijaipur gas based Plant in Madhya Pradesh. web site url : http://www.nationalfertilizers.com/ | |
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| National Small Industries Corporation Ltd. The National Small Industries Corporation Ltd., an ISO 9001:2000 Company, was established in 1955 by the Government of India with a view to promote, aid and foster the growth of Small Industries in the country. NSIC continues to remain at the forefront of industrial development throughout the country, with it's various programs and projects, to assist the small scale sector in the country. web site url : http://www.nsicindia.com/ | |
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| Nuclear Power Corporation of India Limited (NPCIL) Nuclear Power Corporation of India Limited (NPCIL) is a wholly owned Enterprise of the Government of India under the administrative control of the Department of Atomic Energy (DAE), Government of India. It has been incorporated in September 1987 as a Public Limited Company under the Companies Act, 1956 with the objective of undertaking the design, construction , operation and maintenance of the atomic power stations for generation of electricity in pursuance of the schemes and programmes of the Government of India under the provision of the Atomic Energy Act, 1962.web site url : http://www.npcil.org/ | |
| Oil and Natural Gas Corporation Limited (ONGC) A modest entity in the serene Himalayan settings - Oil and Natural Gas Corporation Limited (ONGC) was set up as a Commission on August 14, 1956. The company became a corporate on June 23, 1993, which has now grown into a full-fledged horizontally integrated petroleum company. Today, ONGC is a flagship public sector enterprise and India's highest profit making corporate, achieving the record of being the first Indian corporate to register a five digit profit figure of Rs. 10,529 Crore in the year 2002-03.web site url : http://www.ongcindia.com/ | |
| Shipping Corporation of India The Shipping Corporation of India was established on 2nd October 1961 by the amalgamation of Eastern Shipping Corporation and Western Shipping Corporation. Starting out as a marginal Liner shipping company with just 19 vessels, the SCI today has metamorphosed into a giant conglomerate having 83 ships of 4.6 million DWT with substantial interests in 10 different segments of the shipping trade. web site url : http://www.shipindia.com | |
| Steel Authority of India Limited (SAIL) Steel Authority of India Limited (SAIL) is the leading steel making company in India. It is a fully integrated iron and steel maker, producing both basic and special steels for domestic construction, engineering, power, railway, automotive and defence industries and for sale in export markets.web site url : http://www.sail.co.in | |
| Steel Authority of India Steel Authority of India Limited (SAIL) is the leading steel -making company in India. It is a fully integrated iron and steel maker, producing both basic and special steels for domestic construction, engineering, power, railway, automotive and defence industries and for sale in export markets.web site url : http://www.sail.co.in/ | |
| The Nuclear Fuel Complex (NFC) The Nuclear Fuel Complex (NFC), established in the year 1971 is a major industrial unit of Department of Atomic Energy, Government of India. The complex is responsible for the supply of nuclear fuel bundles and reactor core components for all the nuclear power reactors operating in India. It is a unique facility where natural and enriched uranium fuel, zirconium alloy cladding and reactor core components are manufactured under one roof starting from the raw materials. web site url : http://www.nucfuel.gov.in/default.htm | |
| Uranium Corporation Ltd Incorporated on 4th October 1967, Uranium Corporation of India ltd, a public sector Enterprise under the Department of Atomic Energy, is at the forefront of the Nuclear Power Cycle. Fulfilling the requirement of Uranium for pressurised Heavy Water Reactors, UCIL plays a very siginificant role in India's Nuclear Power Generation Programme. web site url : http://www.ucilindia.com/ |
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