Public sector must become competitive: Rangarajan - Hindustan Times
close_game
close_game

Public sector must become competitive: Rangarajan

PTI | By, Allahabad
Jul 15, 2007 02:58 AM IST

Prime Minister's Economic Advisory Council Chairman C Rangarajan said Public sector should improve its efficiency and productivity which would enable the government to meet its social obligations.

Public sector should improve its efficiency and productivity which would enable the government to meet its social obligations, Prime Minister's Economic Advisory Council Chairman C Rangarajan said on Saturday.

HT Image
HT Image

He said the government does recognise the significance of the public sector as "it is only an efficient public enterprise system that can enable the government to meet its social obligations."

Hindustan Times - your fastest source for breaking news! Read now.

"However, if the public sector is truly to play its role, it needs to improve its efficiency and productivity and generate the necessary surpluses as were originally envisaged," he added.

The former RBI governor said: "The new economic policy of India has not necessarily diminished the role of the state, it has only redefined it. As it has been said...More market does not mean less government but only different government."

Rangarajan, who was addressing a function to celebrate two years of centralisation of Allahabad University, said the economic reforms which gathered momentum after 1991, followed "eroding macro-economic balances in the economy towards the end of the 1980s."

In this scenario, he said, the new economic policy was chalked out to "improve the efficiency of the system" by "creating a more competitive environment in the economy."

To achieve this end, "the private sector is being given a larger space to operate in areas earlier reserved exclusively for the public sector," he said.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On