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Home»Articles»Disinvestment of Public Sector Enterprises (PSEs) and Fiscal Deficit Tackling in India

Disinvestment of Public Sector Enterprises (PSEs) and Fiscal Deficit Tackling in India

Author : K.A. Aneesh
Volume 9 No.2 July-December 2020 pp

Abstract

Every year since 1991, the Central Government of India has been successfully disinvesting its PSEs from various sectors. The recent announcement to strategically disinvest some of the better performing PSEs like Life Insurance Corporation of India Ltd., Air India and so on is indeed shocking. This seriously questions the intension of the government towards the declared objectives of the disinvestment strategy in 1991. There are severe apprehensions on selling-off the PSEs at a lower price and the utilization of disinvestment proceeds for filling the revenue deficits of the Central Government. This paper discusses the idea of disinvestment in India and the debates associated with it. The paper also critically analyses the disinvestment proceeds in India as a tool to tackle mounting fiscal deficits after the initiation of the New Economic Policies in 1991.

Keywords

Disinvestment, Privatization, New Economic Policies, Public Sector Enterprises, Fiscal Deficit

Full Text:

References

[1] Butler, S.M. (1986). Privatizing Government Services, Impact, 3(21).
[2] Chandrashekhar, C.P.,& Jayati Ghosh. (2002). The Market That Failed: A Decade of Neoliberal Economic Reforms in India, New Delhi,89.
[3] Chelliah, R. J. (1996). Towards Sustainable Growth: Essays in Fiscal and Financial Sector Reforms in India, OUP, New Delhi.
[4] Government of India, Ministry of Finance, Budget documents, Various Issues.
[5] Government of India, Ministry of Finance, Handbook of Statistics of the Indian Economy, Various Issues.
[6] Government of India, Ministry of Finance, Working Group Report on Centre’s Financial Resources. 2012: 4.
[7] Government of India, Ministry of Heavy Industries and Public Enterprises Department, Public Enterprises Survey, Various Issues.
[8] Gupta, K.L. (1998). Public Enterprises in India, Navyug Sahitya Sadan, Agra, 77.
[9] Jalan, B. (1992). India’s Economic Policy-Preparing for the Twenty First Century, Penguine Books, New Delhi, 21.
[10] Kumar, A. (1994), (April 16-23), Growth Prospects Recede as Macro-Economic Situation Slips Out of Control, Economic and Political Weekly, 953-968.
[11] Mansoor, A. M. (1988). The Budgetary Impact of Privatization” in Blejer, Mario I and Chu, Ke-young (ed.), Measurement of Fiscal Impact Methodological Issues, IMF Occasional Paper No. 59.
[12] Misra, S.K.,& Puri, V.K. (2001). Indian Economy, Himalaya Publishing House, New Delhi.
[13] Pendse, D.R. (1985). Privatization and Economic Growth, Forum of Free Enterprises, 85.
[14] Rubi & Shagufta (2008). Policies, Issues and Pattern of Disinvestment in India since Liberalisation: A Case Study of Videsh Sanchar Nigam Limited. Thesis submitted to Aligarh Muslim University, Aligarh.
[15] Stiglitz & Joseph (2003). The Roaring Nineties: Seeds of Destruction, Allen Books.

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Every year since 1991, the Central Government of India has been successfully disinvesting its PSEs from various sectors. The recent announcement to strategically disinvest some of the better performing PSEs like Life Insurance Corporation of India Ltd., Air India and so on is indeed shocking. This seriously questions the intension of the government towards the declared objectives of the disinvestment strategy in 1991. There are severe apprehensions on selling-off the PSEs at a lower price and the utilization of disinvestment proceeds for filling the revenue deficits of the Central Government. This paper discusses the idea of disinvestment in India and the debates associated with it. The paper also critically analyses the disinvestment proceeds in India as a tool to tackle mounting fiscal deficits after the initiation of the New Economic Policies in 1991.

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Department of Social Administration and Justice, University of Malaya, Malaysia
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Department of Geography, University of Malaya, Malaysia
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Dr. Haris Bin Abd Wahab
Department of Social Administration and Justice, University of Malaya, Malaysia
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Dr. Mohana Dass Ramasamy
Department of Indian Studies, University of Malaya, Malaysia
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Dr. Ma Tin Cho Mar @ Noorjahan Bi Bi
Department of South East Asian Studies, University of Malaya, Malaysia
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Dr. Asbah Binti Razali
Department of Anthropology and Sociology, University of Malaya, Malaysia
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Dr. Azharudin Bin Mohamed Dali
Department of History, University of Malaya, Malaysia
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    Editorial Note

    Editorial Dr. Lakshmi Narayanan

    Editor-in-Chief
    Dr. Lakshmi Narayanan
    Department of Social Sciences, College of Arts and Applied Sciences, Dhofar University, Oman
    [email protected]
    Editorial Advisory Board
    Dr. Mashitah Binti Hamidi
    Department of Social Administration and Justice, University of Malaya, Malaysia
    [email protected]
    Dr. Jillian Ooi Lean Sim
    Department of Geography, University of Malaya, Malaysia
    [email protected]
    Dr. Haris Bin Abd Wahab
    Department of Social Administration and Justice, University of Malaya, Malaysia
    [email protected]
    Dr. Mohana Dass Ramasamy
    Department of Indian Studies, University of Malaya, Malaysia
    [email protected]
    Dr. Ma Tin Cho Mar @ Noorjahan Bi Bi
    Department of South East Asian Studies, University of Malaya, Malaysia
    [email protected]
    Dr. Asbah Binti Razali
    Department of Anthropology and Sociology, University of Malaya, Malaysia
    [email protected]
    Dr. Azharudin Bin Mohamed Dali
    Department of History, University of Malaya, Malaysia
    [email protected]
    Dr. Hasmah Binti Zanuddin
    Department of Media Studies, University of Malaya, Malaysia
    [email protected]

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