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Kerala PSC Indian Economy Book Study Materials Page 265Book's First Page
nd str and n rastr t re 9.13 providing healthcare to the masses.37 In the in India is seen connected to three major inter- coming times, the government went from one to related areas, namely— another generations of the reforms, setting new (i) A tool of public sector reforms40 targets and every time trying to make reforms (ii) A part of the economic reforms started socio-politically possible. in mid-1991. It has to be done as Reforms with the human face was one a complementary part of the ‘de- such attempt of the United Progressive Alliance reservation of industries’.41 in 2003 when it formed the government at the (iii) Initially motivated by the need to raise Centre. It was believed that the ‘India Shining’ resources for budgetary allocations.42 slogan of the outgoing government (i.e., the The approach towards public sector reforms NDA) was correct, but remained localised in its in India has been much more cautious than that effects to the urban middle class only.38 The new of the other developing countries. India did not government seemed taking lessons from the past follow the radical solution to it—under which and tried to make India shine for the rural masses, outright privatisation of commercially viable too. Its one programme, the Bharat Nirman (a PSUs is done and the unviable ones are completely rural infrastructure focused programme), could be seen as a political attempt to make it happen.39 Only the coming times will tell as to what extent the government has been able to educate . Publication Division, India 1991 ew elhi overnment of ndia, . the masses (better say the voters who vote!) the 41. The de-reservation of industries had allowed the needful logic of the reforms. private sector to enter the areas hitherto reserved for the Central overnment. t means in the coming times dIsInvestment in the unreserved areas the S s were going to face the international class competitiveness posed by the new private companies. To face up the challenges Disinvestment is a process of selling government the existing S s needed new ind of technological, equities in public sector enterprises. Disinvestment managerial and mar eting strategies similar to the private companies). For all such preparations there 37. First of the series of such suggestions came from Sach, was a requirement of huge capital. The government Varshney and Bajpai, India in the Era of Economic thought to partly fund the required capital out of the Reforms, p. 24). proceeds of disinvestment of the S s. n this way 38. It should be noted that ‘reform with the human disinvestment should be viewed in India as a way of face’ was not a new slogan or call given y the A increasing investment in the divested S s which we overnment ut this was the same slogan with which see taking place in the cases of BALCO, VSNL, etc.). the reform programme was launched by the Rao- 42. Right since 1991 when disinvestment began, anmohan overnment in it has only een governments have been using the disinvestment ‘re-called back’ by the new government with a new proceeds to manage fiscal deficits in the budget at committment to live it up. least up to . rom to some 39. Point should be noted that Bharat Niraman has been the of the proceeds went for some social sector reforms only time-bound programme of infrastructure building or for la our security. After ndia esta lished in rural areas which is supposed to be completed within National Investment Fund to which the proceeds of four years the time left out of the total term of the disinvestment automatically ow and is not regarded as overnment when the programme was launched . he a capital receipt of the nion overnment. his idea of A naturally, tries to ma e it a political statement and Indian experiment with disinvestment was articulated a point for the next eneral lections development by Sach, Varshney and Bajpai, India in the Era of becoming an issue of real politics. Economic Reforms, pp. .