PUBLIC SECTOR: BANE OF INDIAN ECONOMY

Any nation can stand on world stage only on the basis of a healthy economy. For a developing country, the domestic economy depends a lot on public and private sectors. But in our country when public sector has not been performing up to the expectations. In fact, the public sector in India has been hindering rather than helping the growth of our economy. Its performance has reached such an abyunal law that they have become a rational liability, In fact, efficiency is the hallmark of the private sector.

The public sector covers a major chunk of the domestic economy and in a broader context, the government departments play an important role in education, water supply, power supply health care, etc. All the Central government departments have a significant bearing on the progress of nation putting the steps forward in this scientific age. With massive agricultural extension network, scientific and technical research facilities, the public sector’s share in Indian economy was about 30 percent in a 80s. Then it started declining. Though public sector departments like railway. poet supply undertakings, agro-industries corporation, etc. increased their share in economy about 19 per cent in 1990s, these are not impressive enough for a big nation like India. The public sector was initially established to achieve the twin objectives of social and economic welfare. At present, most of the public sector units is working inefficiently and proving a great burden on Indian economy The inefficiency in the public sector loomed so large that the government had to inevitably open up this sector for private enterprises as they have shown remarkable efficiency and progress.

Dwindling performance Our national goal is to achieve economic growth with social justice. The State-level public sector has fared no better, government-owned major and medium irrigation works have been incurring heavy losses year after year. To a considerable extent, the handicaps of the public sector have a great deal to do with the political culture because it has always been treated as an extension of government rather than as an instrument of growth. Public sector today, is treated as an instrument of concentration of power and patronage in the hands of politicians.

This has a consequential impact on the work ethos and the managerial culture in most segments of the public sector, because instead of paying attention towards this sector governments are procrastinating for saving their India’s economic growth will largely depend on the availability of good quality infrastructure for international competitiveness and export growth. Although the manager competence of senior public sector executives is blemishes, the environment in which they work does not allow them to be effective managers. They have the obligation to follow procedures which may be obsolete. At the same time, they have discretion to take appropriate, quick decisions, in a given situation. Another reason for the poor performance of the public sector undertakings is that corruption is rampant all over the country. People are busy in feathering their own nests, utterly disrespectful of the wider interest of the nation.

Technology is the key to the future, which shall play an immensely important role in public sector Public sector firms, should have highly trained professionals, skilled and competent personnel to face Senior the emerging competitive corporate environment. Although we do have many research and development programmes, we are yet to achieve technological excellence. Economic growth can come achieve results. About only if we successfully compete with advanced countries in quality, cost and innovation. It requires motivation to

In this era of economic reforms, privatisation etc. successive governments since 1991-92 have adopted an agenda of disinvestment of these public sector which are nothing but a financial burden on the economy with their losses accumulating year after year. The right course is to privatise at least loss making enterprises. The government has set a target of Rs. 12,000 crore for 2001-02 by way of disinvestment proceeds of various unviable PSU. The money thus acquired will not only reduce fiscal deficit, but can be utilised from increased investment in social sectors like health, education, sanitation and infrastructure which get woefully low allocations year after year.

Aishwarya Says:

I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.

If you are interested in participating in the same, do let me know.

Do follow me on FacebookTwitter  Youtube and Instagram.

The copyright of this Article belongs exclusively to Ms. Aishwarya Sandeep. Reproduction of the same, without permission will amount to Copyright Infringement. Appropriate Legal Action under the Indian Laws will be taken.

If you would also like to contribute to my website, then do share your articles or poems at adv.aishwaryasandeep@gmail.com

We also have a Facebook Group Restarter Moms for Mothers or Women who would like to rejoin their careers post a career break or women who are enterpreneurs.

We are also running a series Inspirational Women from January 2021 to March 31,2021, featuring around 1000 stories about Indian Women, who changed the world. #choosetochallenge

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