31 October, 2020

Hijacking a Fair Bid

Parliamentarians raising hell over BALCO's sell-off—claiming it's been undersold—should either give names of people prepared to pay a higher price or keep quiet.

Hijacking a Fair Bid

The balco privatisation controversy is interesting in that it underscores the games we play in economics and politics. Among political parties, the Congress was the first to talk about large-scale privatisation of the public sector. This is the same party that even today doesn’t fault itself for the 1969 bank nationalisation. It should not, therefore, come as a surprise that Dr Manmohan Singh is vehemently opposed to the privatisation plan of the current government and Ajit Jogi of Chhattisgarh is giving full support to the striking balco workers protesting the 51 per cent purchase by the Sterlite group.

It reminds me of the political shenanigans during the implementation of the Fifth Pay Commission. How many times have you heard experts, politicians and the finance ministers refer to the implementation of the pay hikes following the commission’s report as the singular cause for the increase in government expenditure? They argue that it is this which has led to the bankruptcy in many states. Here was a commission whose members worked very hard, did exemplary research...



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.

Latest Magazine

November 09, 2020

other articles from the issue

articles from the previous issue

Other magazine section