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 | Montek pleases communists Our Correspondent With champions like Planning Commission Deputy Chairman Montek Singh Ahluwalia, liberalisation needs no detractors. In his recent comments, he has tried to show that it is the people, and not the cantankerous communists, who are responsible for the opposition to economic reforms. Specifically, he talked about the disinvestment programme, which was jettisoned by the United Progressive Alliance Government. A lot of people say that privatisation is a sensitive issue in India "because of Left's power in the Government, but it's the public that opposes privatisation," he said in an interview to a publication. "Solid support for privatisation doesn't actually exist... This is ironic, because there's no ideological support for the public sector. If you ask the public at large, 'Do you think that the public sector is a paragon of virtue, whereas the private sector is embodiment of vice?', they would say no—in fact, the public sector is inefficient and corrupt." Further, said the Yojana Bhawan boss, the public feels that large privatisation means undervaluation of assets "in some funny kind of way and that someone—robber barons—will make lot of money." And what is his idea of privatisation? He referred to public sector banks, saying "it's possible that over time people won't mind dilution of government equity as long as the government remains there." Ahluwalia's comments are deplorable on many counts, the most important being moral cowardice and hypocrisy. Here is a man who is known as a face of liberalisation, and what does he do? Instead of taking on the Left, which is inarguably the biggest hurdle in the path to open economy, he genuflects to the Reds. Afraid of the comrades, he actually gives exonerates them of the charges of stalling economic reforms—the charges for which they themselves would plead guilty! The plan panel chief also got the facts wrong, some of them that pertain to himself. Privatisation did not work during the previous regime because the public supported it; in fact, process of liberalisation itself was neither a mass movement nor a move that was widely hailed. He should know, for he was part of the government when reforms started (1991) and also when privatisation took place (1999-2004). Ahluwalia is also wrong on the mode of privatisation: he seems to prefer gradual devaluation of government equity in state-run entities. But, if it happens, it would be unfair to the public exchequer. For public sector undertakings (PSUs) were set up using the exchequer; it should benefit from the change of character of a PSU. Ahluwalia has to balance many factors, but he should not compromise belief in market economy. Posted on : 9/22/2007 Mail this article to your friend |