Recently, the Finance Ministry of India has announced divestment of 23 Public sector Units for Privatisation. Support your view whether privatisation of Public sector units help in the revival of economy or not.
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Privatisation”…is the word, which is ruling the media and our minds, for about a week. Is Privatisation Good? Will Privatisation revive the Economy? What are the impacts? Will Privatisation affect the People? There are hell a lot of queries in our minds. I hope, this article will give you a short idea about it…
So, What is Privatisation? It is an act of moving something(Eg: Transfer of property, ownership,etc…) from the public sector to the private sector. Is Privatisation, new to India? If not, then, how it has been introduced into our economy?
To know the answer to that query, we’ve to move, nearly 30 years back. Yes…Year-1991…The debt of India reached to 70 billion. If the debt has not been paid, then the nation would be bankrupted. At that time, Shri. Narasimha Rao took oath as Prime Minister. Before him, a huge work was awaiting. Yes…He needs to recover the Indian economy from ICU. To prevent bankruptcy, 21 tons of gold flew by air to Bank of England, London in order to mortgage. And, revived the Indian economy for a while.
But, he needs to improve the economy. So, he introduced a “New Economic Policy”, so-called , “Privatisation”. Yes…Indians are made to know the new term. To carry over this, Shri.Narasimha Rao introduced a new Finance Minister to the Country. He was graduated from Cambridge. He was also a Governor of Reserve Bank of India. He was Dr.Manmohan Singh. The budget read by Dr.Manmohan in 1991, welcomed the Foreign Investment and Privatisation with red carpet. Unfortunately, Shri. Nehru’s Socialism was totally buried in that budget.
In 1991-1992, the least shares of public sectors were sold to private. From this, the Government received an Income of ₹3038 crores.
In 1993, Shri. Narasimha Rao gave an announcement, which shook every Indian. Private sectors are allowed for banking.
According to the stats, Central allowed more than 10,000 foreign investments within 1991-2000.
So, privatisation played a major role in reviving our economy from the Intensive Care Unit. Privatisation is okay for 1991. But, in 2020? Do you think that we’ve to travel on the same boat?
To know the answer, I would like to quote the words of Shri. Narasimha Rao. He once stated -“If we’ve to cover the body of India with a cloth, we need the help of private sectors , in addition to public sector”. Now, India has enough clothes to wear. But, if India should be on the top, then it should wear some ornaments and it should have some wealth. To, make sure of that we need private sectors.
If we’ve to compete with the other well-developed nations, if we’ve to revive our Indian economy from inflation, Privatisation is the only easiest solution.
Thiruvalluvar said, “A King is he, who treasure gains, stores up, defends and duly for his Kingdom’s weals expends”. Likewise, the government has taken action to revive the economy.
A coin has two sides. Similarly, Privatisation has its own devil impacts. By seeing those impacts, we cannot leave the good deeds and bright future for India. Charles Darwin said, “Survival of the fittest”. We need to survive in this competitive world. So, if we need the best, we need to leave the better. So, let’s work hard and Hope for the BEST!!!
So, What is Privatisation? It is an act of moving something(Eg: Transfer of property, ownership,etc…) from the public sector to the private sector. Is Privatisation, new to India? If not, then, how it has been introduced into our economy?
To know the answer to that query, we’ve to move, nearly 30 years back. Yes…Year-1991…The debt of India reached to 70 billion. If the debt has not been paid, then the nation would be bankrupted. At that time, Shri. Narasimha Rao took oath as Prime Minister. Before him, a huge work was awaiting. Yes…He needs to recover the Indian economy from ICU. To prevent bankruptcy, 21 tons of gold flew by air to Bank of England, London in order to mortgage. And, revived the Indian economy for a while.
But, he needs to improve the economy. So, he introduced a “New Economic Policy”, so-called , “Privatisation”. Yes…Indians are made to know the new term. To carry over this, Shri.Narasimha Rao introduced a new Finance Minister to the Country. He was graduated from Cambridge. He was also a Governor of Reserve Bank of India. He was Dr.Manmohan Singh. The budget read by Dr.Manmohan in 1991, welcomed the Foreign Investment and Privatisation with red carpet. Unfortunately, Shri. Nehru’s Socialism was totally buried in that budget.
In 1991-1992, the least shares of public sectors were sold to private. From this, the Government received an Income of ₹3038 crores.
In 1993, Shri. Narasimha Rao gave an announcement, which shook every Indian. Private sectors are allowed for banking.
According to the stats, Central allowed more than 10,000 foreign investments within 1991-2000.
So, privatisation played a major role in reviving our economy from the Intensive Care Unit. Privatisation is okay for 1991. But, in 2020? Do you think that we’ve to travel on the same boat?
To know the answer, I would like to quote the words of Shri. Narasimha Rao. He once stated -“If we’ve to cover the body of India with a cloth, we need the help of private sectors , in addition to public sector”. Now, India has enough clothes to wear. But, if India should be on the top, then it should wear some ornaments and it should have some wealth. To, make sure of that we need private sectors.
If we’ve to compete with the other well-developed nations, if we’ve to revive our Indian economy from inflation, Privatisation is the only easiest solution.
Thiruvalluvar said, “A King is he, who treasure gains, stores up, defends and duly for his Kingdom’s weals expends”. Likewise, the government has taken action to revive the economy.
A coin has two sides. Similarly, Privatisation has its own devil impacts. By seeing those impacts, we cannot leave the good deeds and bright future for India. Charles Darwin said, “Survival of the fittest”. We need to survive in this competitive world. So, if we need the best, we need to leave the better. So, let’s work hard and Hope for the BEST!!!
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