For the past three decades,
it proved to be the dreaded ‘D’ word. Disinvestment ensured that the cash-rich
public sector undertakings (PSUs) remained the milking cows for the political
elite, either directly or indirectly. Earlier, they were inefficient because
their earnings were religiously siphoned off by politicians, civil servants,
senior managers of the companies, and private contractors. Post-privatisation,
they were used to cook the government’s books, and to further crony capitalism.
Thus, the PSUs remained the sacred placed where the powers-that-be offered
prayers of corruption, and receive illegitimate blessings.
No comments:
Post a Comment