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However, from onwards, disinvestment activity has slowed down considerably. For the financial year , there would be a target of Rs. The 9. MMTC disinvestment would be the first stake sale of the government in the current fiscal. The government aims to raise Rs. At the floor price of Rs. This mechanism is just like an auction, where every investor bids on the floor price or above that.
HCL is the second public sector divestment in the current fiscal. Offers made by the government were not attractive for private sector investors Lot of opposition on the valuation process No clear-cut policy on disinvestment Strong opposition from employee and trade unions Lack of transparency in the process Lack of political will.
Thus, in the absence of wider national consensus, a mere government decision to disinvest is not totally justifiable. It is not clear if the rationale for divestment process is wellfounded. The assumption of higher efficiency, better management practices and better monitoring by the private shareholders may not always be true.
Governments have used disinvestment merely as a tool to raise resources to satisfy interim needs rather than with along vision to restructure Indian industry. Criticisms of Disinvestments Disinvestment has always been a very politically sensitive issue, with different parties taking different views in different positions. Mainly to fill fiscal deficits of the government. Generated capital has not been utilized for the benefit of the disinvested PSU. Targets Unachieved : o o Some of the years the Govt.
The Government has measurably failed to attract various parties for buying the PSU's. Criticisms of Disinvestments Improper Implementation : o Inadequate information about PSUs has resulted in lack of free, competitive and efficient bidding of shares, and a free trading of those shares.
Sale to foreign companies increase the dependence of Indian economy on the international fluctuations. Criticisms of Disinvestments Strategic Mistakes : o Monopolies created by privatization? Suggestions The more market-friendly a country's policy framework the less difficulty it will have in privatising on State Owned Enterprises SOE. SOEs functioning in competitive markets are prime candidates for privatisation. Their sale is simple compared with that of public monopolies, and they require little or no regulation.
An appropriate regulatory framework must be in place before monopolies are privatised. Failure to regulate properly can hurt consumers and reduce public support for privatisation. In all privatisations, in all countries, the transaction must be transparent.
Suggestions The primary objective of disinvestment should be to increase efficiency, not to maximize revenue. Avoid large new investments in privatisation candidates, the risks usually outweigh the rewards. Rather prepare for sale by carrying out legal, managerial and organisational changes.
Experience shows that labour does not lose in privatisation, if governments pay attention to easing the social cost of unemployment through adequate pay, unemployment benefits, retraining and job search assistance. Conclusion Disinvestment in India has never been an attractive idea simply because successive governments have treated disinvestment merely as a tool to raise resources rather than as one designed to restructure the massive public sector.
Government should stop setting up of the targets in every year annual budget and should have a long-term plan. The privatization policy that the government adopted was closely related to efficient channelization and utilization of resources, but process was not that satisfactory.
Conclusion Finally the concept of Disinvestment that had reflection over the needs of economy for the both productive and non productive entities, but unfortunately the proceeds from disinvestment were used in an objectionable manner. Thus the belief of Disinvestment, as a lead to better performance has become questionable? Hence, the government should learn from the view of global world and try to improve the efficiency of inefficient units and create competitive market in the present environment to enable the PSUs to work efficiently for having good economy and in turn the nation.
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