Sure !
Except that it is known as “ Public Sector Units – PSUs “.
Here is why
[ as reported in DNA / Sept 06,2011 ] :
Ø
About
a third of India’s
249 state–owned firms are losing money ; $ 3.4 billion ( Rs. 15,300 Cr ) in the
most recent financial year
Ø
There
is nothing the Govt can do because of the current labor laws
Ø
Govt
labor department has granted permission to 21 PSUs to close factories – but
none has been closed !
Ø
PSUs
have assets worth $ 199 billion ( Rs. 8,95,500 Cr ), which, last year gave an
average return on capital of about 4.3 % !
Ø
Govt
missed the goal of raising $ 8.7 billion ( Rs.39,150 Cr ), this year thru sale
of stakes in PSUs
What were
once the “ Commanding Heights “ , have now become the “ Demanding Absurdities “
of Indian economy ! Any wonder petrol prices in India are more than double those in
neighboring countries ?
With
regards
Hemen Parekh
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