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Disinvested Public Enterprises

Sanjeev Mishra (Author)
Synopsis In India, PSEs are admired as well as derided. They are envied for their size and the patronage they enjoyed. At the same time, they are criticized for their inefficiency and lack of market-focus approach. They have multi-industry presence. The market capitalization of PSEs (including the Government owned Financial Institutions) is quite substantial.

The implementation of the disinvestment process during 1999-2005 was characterized by inadequate promotions, inordinate delays, frequent inter-ministerial disagreements, and lack of clear thinking and constructive intra-ministerial consultations. The process failed to attract FDI even in one case of disinvestment. It did not lead to creation of new entrepreneurs.

The book attempts to examine the performance of PSEs focussing on the financial and operating performance of ten disinvested PSEs with the help of a set of measures in per as well as post disinvestment periods. The ten PSEs, which were disinvested, showed different performances after disinvestment. It was mainly because of their varying financial and marketing strength before disinvestment, the strength of the strategic partners and the linkage benefits brought by them, the market power of the enterprise, and their degree of dependence on Government procurement after disinvestment. The results of the tests indicated that taking all the taking all the ten disinvested PSEss together, the difference in the values of various measures between the pre-disinvestment and post-disinvestment values were statistically insignificant.

The author argues that though dis-investment may not necessarily lead to improved performance, with adequate social safety net, it is still a desirable public policy objective as resources unlocked could be used for the more needy sectors. However, the resources released must not be frittered away on populist schemes.
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About the author

Sanjeev Mishra

Dr. Sanjeev Mishra is a senior ICAS (Indian Civil Accounts Service) officer. He also worked as an officer of IES (Indian Economics Service). He studied Bachelor of economics at Delhi University and Master's in International Relations at international University of Japan. He completed the prestigious National Management Programme from Management Development Institute, Gurgaon and holds a PGDM (Post Graduate Diploma in Management). He is a PhD in Economics from Jamia Millia Islamia, Delhi. He has undergone professional trainings at several reputed institutions. Dr. Mishra has extensive national and international work experience at responsible positions. In Government of India he worked in several Ministries. He worked for United Nations in Kosove, UNDP in Afghanistan, IMF in West Africa and in Lithuania. He has taught at International University of Japan. In India, regularly teachers at National Institute of Financial Management, Faridabad and Institute of Government Accounts & Finance, New Delhi. Dr. Mishra has authored several books and written several papers and articles on contemporary issues. He also supports several NGOs in the field of economic and social development. Presently, Dr. Mishra is working as Chief Controller of Accounts, Ministry of Home Affairs, Government of India.

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Bibliographic information

Title Disinvested Public Enterprises
Format Hardcover
Date published: 04.07.2009
Edition 1st ed.
Language: English
isbn 8176466816, 9788176466813
length xvi+240p., Tables; Figures; Index; 22cm.