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The government took the responsibility of investing huge capital in infrastructure and manufacturing industries. The private sector was not equipped to handle such immense projects with heavy capital inflow and long gestation periods. So the central and state governments relied on public enterprises to provide thee services to the economy.
The first few Five Year Plans were all designed to promote and safeguard the public sector. But then came the era of privatization and globalization in 1991. The role of public sector companies was reevaluated. Now the public sector was to actively participate in a competitive market with the private enterprises. Inefficiency and uninspired management were not tolerated.
At the time of independence , it was expected that the public sector enterprises would play an important role in achieving certain objectives of the economy either by direct participation in business or by acting as a catalyst .
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