10
GOOD-BYE
TO THE
POLICY OF PRIVATIZATION?
The Union Cabinet on 2 May 2005 cancelled all
privatization plans.
The Government
had earlier decided to sell the shares of many Public Sector Undertakings (PSUs) after retaining 51% shares and
management control.
Thus, National
Aluminium Company (Nalco), Shipping Corporation of India (SCI), Hindustan
Petroleum Corporation Limited (HPCL), State Trading Corporation, Engineers
India, Palma Larry, National Fertilizers, Rastria Chemicals & Fertilizers,
Manganese Ore India, Sponge Iron India, National Building Construction,
Engineering Projects India, Hindustan Paper Corporation and the public
sector banks got instant life.
Mr. S.S. Palanimanikam, the Minister of
State for Finance, announced it in the Parliament on 3 May 2005.
The Union Cabinet did not revoke the above decision to
the knowledge of the people.
Yet, Mumbai and Delhi airports were privatized in
2006.
Other PSUs escaped privatization. However - after a
pause -the government started selling 5 to 10 per cent shares of a few randomly
selected PSUs occasionally.
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