How Public Sector Changing it's Role in India ?
CHANGING ROLE OF PUBLIC SECTOR At the time of Independence, it was expected that the public sector enterprises would play an important role in achieving certain objectives of the economy either by direct participation in business or by acting as a catalyst. The public sector would build up infrastructure for other sectors of the economy and invest in key areas. The private sector was unwilling to invest in projects which required heavy investment and had long gestation periods. The government then took it upon itself to develop infrastructural facilities and provide for goods and services essential for the economy. The Indian economy is in a stage of transition. The Five Year Plans in the initial stages of development gave lot of importance to the public sector. In the post-1990s, the new economic policies, emphasised on liberalisation, privatisation and globalisation. Therole of public sector was redefined. It was not supposed to play a passive...