Far away from a dream of a five trillion dollar economy by 2024, mounting expenditure and the debt burden has forced the Union Government to initiate measures of privatisation to bring in discipline in all sectors of the economy. Debt debts, bank scams and such other things had been regular features in the last few years with those responsible for these misdeeds going scot-free.
Some of the scamsters also fled to foreign countries. Given these circumstances, the government is left with the only option of disinvestment. While it is in the process of disinvestment in public sector undertakings, now a proposal to sell a 25 per cent stake in LIC has also been mooted. Besides, the process of privatising nationalised banks as per the advice of the NITI Ayog has also been initiated. Having lost nearly Rs. 6,60,000 Crore towards “bad loans’ in the last few years, the Government is set to reduce the number of nationalized banks just to four,....
