Evaluate the policy of public sector reforms.

The public sector policy followed by the government at present including disinvestment programmes were launched after the New Industrial Policy of 1991. The New Industrial Policy, which acts as core policy behind economic reforms, has brought extensive changes in the working of Public Sector Undertakings (PSUs).

The changes made by the Industrial Policy 1991 on PSUs were several, starting from sectors where the PSUs to be concentrated, removal of reservation for PSUs in most sectors, their restructuring by adopting market oriented practices, selling of loss making PSUs, reduction of government ownership through disinvestment etc. The sum of these reform was that the PSUs are no more occupying the commanding heights of the economy, rather they have to compete with the private sector on an equal footing.

First of all, the public sector policy of the 1991 industrial policy has identified strategic areas and non-strategic areas for the public sector. The government decided to concentrate only on the strategic sector by withdrawing the public sector from most of the non-strategic sectors. Adding efficiency and infusing competitive business practices became the main solution to control the losses of the PSUs.

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