30 October, 2020

1960: Business

...the instrument for progress was the PSU

1960: Business
outlookindia.com
-0001-11-30T00:00:00+05:53

V Krishnamurthy, National Manufacturing Competitiveness Council chief
In 1960, the instrument for progress was the PSU (Public Sector Unit), because there were few outstanding business houses in the private sector and India did not have the managerial skills, financial resources or experience of doing things in a big way. This was also the time when public finance and public savings were intensified and India embarked on a tremendous effort to develop human resources—IIT Kanpur and IIM Ahmedabad were set up this year. At the same time, our reliance on the (then) Soviet Union as a source of heavy machinery and advanced technology was deepening. The realisation that both private and public players are needed for overall development came about in the 1970s—in the ’60s, the private sector was still struggling to survive. Also, back then the focus was on basic industry; there was virtually no service...

unsub

THIS ARTICLE IS PRICELESS...

To read this piece, and more such stories in India's most exciting and exacting magazine, plus get access to our 25-year archives goldmine, please subscribe.


In this article:

More from Omair Ahmad


Latest Magazine

November 02, 2020
content

other articles from the issue

articles from the previous issue

Other magazine section