Meaning need and effects of privatisation
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Privatization is considered to bring more efficiency and objectivity to the company, something that a government company is not concerned about. India went for privatization in the historic reforms budget of 1991, also known as 'New Economic Policy or LPG policy'.
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NEEDS FOR PRIVATISATION
- The process of industrialisation was initiated during second five year plan assigning a key role to PSUs/PSEs.
- The industrial policy resolution, 1956 clearly and categoryly stated the significance of PSUs/PSEs in the process of growth and development.
- Doubtless it was an account of the spread of PSUs that India could diversify it's industrial base between the period 1951 - 1991.
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