- Hardly anybody can confess to not have heard about globalization, liberalization, modernization, and of course, privatization propagated and advocated so vehemently over the last few decades. Ever since the Indian economy and market was thrown open to usher in globalization and liberalization measures in 1991, the country as a whole has shown healthy growth, though not on expected lines as envisaged/anticipated earlier, as the measures initiated back then started delivering results steadily. People in the know would vouch in agreement as to how the country in the 1990s was pulled from the brink of collapse to guide back on to the right track as it stands today.
- As the country expanded vis-à-vis growing population, aspirational outlook, and perpetual evolution in a technological driven modern economy placing every nation worth it’s salt to rise to the occasion to be counted amongst the best, mainly socialist policy-driven governments slowly had to converge on definitive measures without raising red-flag from the opposition ranks about capitalism taking centerstage over welfarist governance. Recollect how job opportunities were constrained when landing a secure government job was considered the benchmark as few private prospects appeared attractive to embrace businesses and other sectors in a severely restricted space.
- None would dispute the fact that limited opportunities to excel denoted limited access to carve out a niche for aspirational youngsters eager to branch out from the comforts of state-owned enterprises. Once the manufacturing, industrial, and most importantly, services sector took-off exponentially following the opening of the Indian economy, entrepreneurial mindset combined with galore of opportunities available in diverse and allied fields facilitated throwing doors wide for the never seen before incremental growth available for the deserving. Note that advanced economies grew solely based on competency, meritocracy, embracing opportunities, conducive atmosphere, and enabling infrastructure provisioned for the purpose.
- Growing population in a developing country like ours also denotes insufficient employment opportunities incommensurate with the aspirations. Add to it the conundrum of caste and religion-based reservations clamoring attention for limited government jobs, opportunities available for the deserving based on merit, and skillsets had to take a perennial backseat. As the public sector entities grew in number so does the complacency of the government employees whose secure nature of employment induced millions into a false sense of security affecting productivity. Loss-making entities are no longer viable or sustainable any longer and hence, the pitch for privatization grew.
- Time is indeed apt now for pushing ahead with privatization measures since handholding loss-making endeavors no longer make fiscal sagacity expected from a mature democracy. The present dispensation at the Center has the numbers, heft, traction, and resolve to push ahead with the inescapable reformist measures as announced in the recent Budget. The Prime Minister has made it amply clear about the inevitability to privatize entities enjoying government patronage arguing forcefully the advantages of such a move. All opposition parties should set aside narrow-minded contemplations for the larger good of the country.