By: Sourajit Aiyer
It is fashionable to say that the government has no business to be in business. But this is easier said than done, as governments bearing the liabilities of ailing Public Sector Undertakings (PSUs) – essentially state-owned companies — may vouch.
State-owned companies have played a critical role in initiating their nations’ commercial capabilities post-independence, given the absence of private capital. But government patronage through bailouts, job-secured inefficient management and gaps between strategies and realities on the ground spelt doom.