Myth busting : Privatisation of PSUs
India has now been independent for about 73 years , yet the fears of a capitalistic colonial past haunts us. It is because of such past that for about 44 years since independence we followed a socialist model of governance. While a balance of payment crisis did allow us to switch to a more capitalistic economy , the ideas is socialism still run deep in our heads. It is because of such unconscious tilt towards socialism that even after 30 years of private sector catapulting India to global heights , we come on streets against the privatisation of Public Sector Undertakings (PSU). In this blog I try to defend the idea of privatisation our PSUs. I will also try to address all the major arguments against such privatisation which have taken the form of myths creating demons of private sector. Myths addressed - 1. Privatisation will reduce employment opportunities. 2. Selling of PSUs is like selling of family silver and will lead to losses for government in the long run. 3. Only loss making