The short and crisp article puts forth an agenda for reforms PSBs should have seen taking off at least a decade earlier. Post-independence, India developed its public sector with a vision which was unique and nationalisation of first group of private sector banks was the culmination of a well-planned economic development initiative starting with the first Five Year Plan. Unfortunately, the decades that followed saw a planned effort from vested interests to undermine the value and efficiency of Indian public sector. This resulted in stifling of institutions like UTI and stagnation of several public sector organisations. Private sector flourished by sucking the creamy layer of indusries and services sectors, with government support in various forms including tax relief amounting to lakhs of crores. The neglect of public sector banks in the matter of infrastructure and HR issues from recruitment of clerks to board appointments has to be seen in this wider context. This article is a timely reminder for initiating appropriate reforms in public sector in general, as private sector has only modest share in economic development initiatives affecting the majority of Indians.
- M G WARRIER, Mumbai
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