Question

Explain the changing role of public sector undertaking in the context of privatisation and liberalization

Answer 1

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Answer 2

IMPACT OF LIBERALIZATION AND PRIVATISATION ON PUBLIC SECTOR UNDERTAKINGS IN INDIA:

On 24th July 1991,the New Economic Policy was announced to be followed from there on that has been advocating for public sector reforms.

Under collapse of socialist model of development,non fulfillment of stated objectives of the State of PSUs leading to low growth,underdevelopment and Liberalisation,privatisation and globalisation principles brought in fundamental changes in the approach of public sector responsibilities.

Priorities where the role of the State is rolled back and restrictions removed along with New Public Management,Public Choice theory and Public-Private Partenership theories and practices taking over.

All theorists and experts have been propagating the need for the above mentioned.

Also under the new economic policy,1991, there has been massive restructuring organisational set up,financial restructuring,introduction of modern management practices,greater autonomy for PSUs,disinvestments of public enterprises to raise resources for other needs and encourage wider citizen and worker participation in the ownership of industries that were under govt. monopoly,MoUs signed between PSU & PSE and centre and state govts greater efficiency,autonomy and accountability,and privatization.