Disinvestment Programme in India
Like many other developing countries, India has evolved from precapitalist form into a mixed economy. The programmes of large scale industrialisation adopted by the government ever since the beginning of the second five year plan helped the economy in coming out of the low-level equilibrium trap and introduced many significant structural changes. The industrial sector was plagued by stagnation and retrogression for full two decades, i.e. from 1965 to 85 and the industrial licensing policy failed in achieving its objectives. The public sector failed to utilise its resources properly leading to substantial under-utilisation of capacity and colossal wastage of resources, etc. In the light of these issues, the government of India launched the New Industrial Policy 1991. One of the thrust areas of the policy was disinvestment. The policy of disinvestment was to do so initially in small fractions in public enterprises to meet the budgetary deficit and for rechannalisation into new industrial activities. The main purpose of this edited volume is to stimulate readers to gain an insight into the problems of the disinvestment management.