Financial Daily from THE HINDU group of publications
Tuesday, Feb 18, 2003
Financial Daily from THE HINDU group of publications Tuesday, Feb 18, 2003 |
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Opinion
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Letters Inconsistent stand on divestment
This is with reference to the editorial "Divestment ironies" (Business Line, February 17). It is a fact that both the BJP and the Congress (I) are inconsistent with their stands on reforms. During the early 1990s, the BJP opposed many reforms proposed by the then Finance Minister, Dr Manmohan Singh. But the party changed its stand soon as it came to power. The Congress (I), at the same time, appeared to be having second thoughts on liberalisation. The same has been the case with divestment. If the loss making PSUs alone are kept for sale, the policy may perish. But if the profit-making units are sold it may attract public criticism. This slowed down the divestment process. The decision of the Punjab Government's to sell profit-making PSUs along with the loss making ones is justified and is in tune with the party policy of economic reforms. It is a fact that no government can afford to maintain the overstaffed, over-invested, low yielding PSUs. It is also ironical that the Congress (I) and the BJP blame each other for divestment policies and criteria adopted by both. C.P. Velayudhan Nair Kochi
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