Author: S R Mohnot
ISBN/UPC (if available): 8187374225
The public sector in India, once considered a major plank of the country’s economic development, came under a tirade in the wake of the economic reforms programme. The attack followed the international movement which emerged when the then British Prime Minister Margaret Thatcher propounded the premise that it is not the business of governments to be in business. It has become quite fashionable to indulge in public sector bashing. A considerable amount of distorted facts and fanciful assumptions are relied on to support the campaign.
The public sector reform too took twists and turns. It started with restructuring, acquired momentum ad disinvestment and, in course of time, slipped into the privatization mode.
The developments have overlooked two major trends. First, global cases like those of Enron, WorldCom, Xerox, Arthur Anderson, Daewoo have exploded the myth of private sector’s resource-efficiency. Second, good corporate governance is getting increasingly accepted as the goal of all enterprises public, private or hybrid.
In the emerging global context, the old models of corporate management public or private are increasingly becoming obsolescent. The old mindsets do not see the metamorphic turn. The present analysis attempts to delineate this rationale and explores a new, futuristic option for the public sector which has the potential to be globally competitive.