Growth of public sector, problems and possible solutions for a better development of Tomorrow
MR Prashant Sharma ( Assistant professor Dewan institute of management studies, Meerut)
Dr Gaurav Kaushik ( HOD Dewan institute of management studies, Meerut)
Soon after the independence of our country our late prime minister Pandit Jawaher Lal Nehru adopted the socialistic pattern of development of our economy, as it was more based on equality and justice to all. In this drive the government owned enterprises were established in whole of the country to speed up our industrialization. The industrial policy resolution of 1956 sketched the role of central public sector enterprises where most of the important industries were the responsibility of public sector. They buck up our economic progress but certain problems with such enterprises emerged such as lack of proper policies, motivation, direction, overstaffing, inferior quality goods and services, not having adequate research and development etc. Due to the problems government took the step of disinvestment and a lot of disinvestment has been done by our government. In some cases to raise funds and in some cases to get rid of the ineffective management. After the liberalization of our economy the private sector has also been given the due importance along with public sector, more and more industries are now open for private sector but yet the public sector has still significant role to play in coming years, together with private sector it can take the development of our country to new heights. In the present paper it is our effort to bring out the dynamic role of public sector in present scenario how it can overcome its problems to help India to progress towards a more balanced development.
Introduction-- An Overview of Indian Public Sector
Central and state Public Sector Undertakings (PSUs) play a prominent role in India’s industrialization and...