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3:34 am - Thursday April 24, 2014

Huge Disinvestment

Along with the huge foreign direct investment the Government has also decided to go for the disinvestment in huge public sector undertakings of the Government of India. The process of disinvestments of Government undertakings are going on since long from the Congress regime of Prime Minister Mr. P.V. Narasimha Rao who initiated it with the active role of his Finance Minister Mr.Manmohan Singh, who is now the Prime Minister carrying it out with full vigour and determination.

Disinvestment in the Government undertakings, denationalization, forgoing state socialism and acceptance of private participation. Undisinvestment are actually brain child of Mr.Manmohan Singh. His ideas are so strong that the BJP led NDA Government of Prime Minister Mr.Atal Bihari Vajpayee had to follow it. But on occasions and issues they faulted on sound principles of Manmohan Singh’s theories. Despite protests and opposition they outright sold out profit earning Government Alluminium Company BALCO to a Private Company Starlite. Just few hours before the fall of NDA Government on the floor of the Parliament the NDA Government in an indecent political act in a hurriedly called cabinet meeting offered the Union Government guarantee to a US energy firm Dabol to set up a power plant in Maharashtra state. From the very beginning this firm of Dhabol messed up on corruption and misadventure and its investment and the plant never materialized. It has just vanished into thin air.

At the moment the BJP is only opposed to FDI in retail trade. The BJP appears to be more confusing then decided on it. Now the UPA Government has decided to disinvestments in major undertakings like the Power giants of NTPC (National Thermal Power Corporation) and PGCIL (Power Grid Corporation of India Limited) along with the 2 other giants the NMDC (National Mineral Development Corporation) and the EIL (Engineers India Limited). Besides these four the five other undertakings are RINL (Rashtriya Ispat Nigam), Hindustan Copper, Oil India, MMTC (Mines and Metal Trading Corporation) and the NALCO (National Alluminium Company). By these disinvestments of nine undertaking the Government will collect the huge amount of Rs.30,000 crores of rupees doing the financial year 2012-13. Now economically in the world the India is one of the major nations that are looked up and counted on occasion.

The India is providing 40,000 million dollar aid through the IMF to crisis ridden Euro nations like Grece, Italy, Spain etc. etc. It is one of the initiator forming a formidable economic alliance ‘BRICKS’ of 5 major nations, Brazil, Russia, India, China and South Africa. The most salient feature of this economic union is that these nations will trade among themselves in their own currencies and not in US dollars. It is a decision to be reckon with. As India is allowing FDI in its economy there are many nations that are inviting India in to invest in their nations. In the era of FDI we will have our FDI in other countries also.

 

Founder : Late Shri Ramgopal Maheshwari

Posted in: Editorial

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