دانلود کتاب Privatisation in India: Journey and Challenges

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Cover
Half Title
Series Information
Title Page
Copyright Page
Dedication
Table of Contents
List of Tables
Abbreviations
Introduction
Nationalisation and Growth of Public Sector Worldwide
Difference Between Disinvestment and Privatisation
India’s Recent Major Reforms Driven By Economic Necessity
Slow Down of Economy in 2019
Privatisation Push
Covid-19 Pandemic
New Public Sector Enterprises Policy for Atmanirbhar Bharat
Post Covid Response
The Book
Structure of the Book
References
1 The Economic Role of the State
Expansion in State Owned Enterprises (SOEs)
Nationalisation of Airlines, Banks, Insurance, Coal, Oil, and Sick Textile Mills in India
Market Failures
Natural Monopoly
Public Goods
Externalities
Incomplete Markets
Information Failures
Unemployment
Income Distribution
Merit Goods
Government (non-Market) Failures
Internalities / Private Goals
Distributional Inequities
Revisiting Government Role in Economy
References
2 Does Ownership Matter?
Theoretical Arguments Favouring Public and Private Ownership
Political Agency Problem in India
Empirical Evidence About Ownership
Measuring Impact of Privatisation
Approach I: Comparing Government-Owned Firms to Privately-Owned Firms
Approach II: Comparing Pre-And Post-Divestment Performance for Companies Privatised By Public Share Offerings
Impact of Partial Privatisation On Firm Performance
Distributional Impact of Privatisation
References
3 The Public Sector in India
Public Sector Enterprises in India
India’s Industrial Policy
Industrial Policy Resolution of 1956
Statement On Industrial Policy, 1991
Performance of Central Public Sector Enterprises (CPSEs)
Other Contributions of CPSEs
Shift in Policy Towards Public Sector Enterprises
Mandatory for CPSEs to Plan Asset Sale, and Dividend From Year 2020
New Public Sector Enterprises Policy for Atmanirbhar Bharat: 2021
References
4 The Global Experience With Privatisation
Privatisation in the 1980s
Case of Privatisation of British Telecom
Privatisation in the 1990s
Case of Privatisation of ENI
Treuhandstalt (THA)
Privatisation in the 2000s
Privatisation Trends From 2000 to 2008
Privatisation Trends Since 2009
Post-Covid Privatisation and State Ownership
References
5 India’s Journey From Partial Divestiture to Privatisation: 1991–2021
Triggers for Disinvestment
Fiscal Distress
IMF Conditionality – Driver of Indian Reforms?
Politics of Privatisation
Criteria for Selection of SOEs for Privatisation
Comparative Advantage
Net Economic Yield
Influence of Political and Financial Factors
Evolving Policy On Disinvestment
The First Phase: 1991–92 to 1997–98
Institutionalising the Disinvestment Process
Disinvestment Commission
Reconstituted Disinvestment Commission
Disinvestment Receipts and Methodology Used
The Second Phase: 1998–99 to 2003–04
Moving From Partial Disinvestment to Privatisation
Modern Foods India Ltd (MFIL)
Disinvestment Proceeds From 1998–89 to 2003–04 and Methodologies Used
The Third Phase: 2004–05 to 2013–14
Disinvestment Proceeds From 2004–05 to 2013–14 and Methodologies Used
The Fourth Phase: 2014–15 to 2020–21
Modi’s First Term as Prime Minister
Modi’s Second Term as Prime Minister
Slowdown of Economy in 2019
Privatisation Push
Disinvestment Proceeds From 2014–15 to 2020–21 and Methodologies Used
Disinvestment Policy, 2020
Covid-19 Pandemic and New Policy Measures
Note
References
6 Big Ticket Privatisation and Asset Monetisation Proposed in Fiscal 2022
Ambitious Plans for Privatisation in FY, 2021–22
Workers Protest and Government Assurance
Thrust of Union Budget, 2021–22: New Infrastructure
National Infrastructure Pipeline (NIP)
Three Pronged Strategy to Raise Resources for Infrastructure Financing
National Monetisation Pipeline (NMP)
Key Features of National Monetisation Pipeline
Details of NMP9
Sector Wise Details of Assets Over a Four-Year Period (FY 2022 to FY 2025)10
Consolidated Pipeline
Risks and Challenges in Asset Monetisation
Plans to Sell PSUs Land
Efficiency Scrutinies to Optimise Resources
Specific Cases of Big Ticket Privatisations
References
7 Privatisation of Air India
Evolution of Air India and Indian Airlines
Past Efforts to Restructure Airlines and Merger
Vijay Kelkar Committee, 1997
Disinvestment Commission
NDA Government Effort (March 1998–May 2004)
Merger of Air India and Indian Airlines in 2007
Mounting Losses and Inefficiency
Financials of Air India, FY 2015 to 2019
Monetisation of Air India Assets Had Started From FY 2013
Efforts for Strategic Disinvestment/privatisaion in 2017–18
Renewed Efforts to Privatise Air India in 2020
New Spanners in Air India Privatisation
Tata Sons Win Air India Bid
References
8 Privatisation of Bharat Petroleum Corporation Limited (BPCL)
Evolution of BPCL
Financials of BPCL
Privatising BPCL: a Maharatna CPSE in the Oil Sector
Strategic Disinvestment of BPCL
Invitation for Expression of Interest (EOI)
Response to Expression of Interest (EOI)
References
9 Privatisation of Airports
Introduction
Airport Operations in India
Airports Authority of India (AAI)
Airports Economic Regulatory Authority (AERA) and Appellate Authority
Privatisation of Airports in India
Mumbai International Airport Ltd (MIAL)
Delhi International Airport Ltd (DIAL), and Hyderabad International Airport
Bangalore International Airport Ltd (BIAL)
Government to Sell Its Residual Stake in Delhi, Mumbai, Bangalore, and Hyderabad Airports
Analysis of Privatisation of Airports in 2019 and 2020
Awarding All Six Airports to Adani Enterprise: Controversy
Proposed Monetisation of Airports in 2021–22
Impact of Covid Pandemic On Airport Privatisation
References
10 Privatisation of Banks
Why Banks Are Special Institutions
Nationalisation of Banks in July 1969
The Story Behind the Hurry to Bring Bank Nationalisation On 19 July 1969
India’s Banking Sector and Agricultural Credit
Privatisation of Banks – a Strategic Sector
Should Large Corporate Houses Be Promoters of Banks?
Reasons for Recommending Corporate Groups to Own Banks
Note
References
11 IPO of Life Insurance Company and Privatisation of a General Insurance Company
Introduction
Nationalisation of Insurance
Life Insurance
General Insurance
The Global Insurance Industry and India
FDI Increased in Insurance Sector
Life Insurance Corporation (LIC)
IPO of LIC
Hurdles to Overcome Before the IPO
Privatisation of General Insurance
Note
References
12 Telecom Sector – BSNL and MTNL
Introduction
Bharat Sanchar Nigam Limited (BSNL)
Mahanagar Telephone Nigam Limited (MTNL)
Efforts to Merge BSNL and MTNL
Earlier Efforts
Government Revival Plan of BSNL and MTNL, and Merger
The Government Defers BSNL–MTNL Merger
National Monetisation Pipeline: BSNL and MTNL
Bharatnet Optical Fibre
Telecom Towers
Selling of Land Assets of BSNL and MTNL
References
Appendix A
Appendix B Recommendations of Disinvestment Commissions: (Commission Report, Year)
Appendix C Methodologies Used for Disinvestment of CPSEs
Appendix D
Appendix E
CPSEs ‘in-Principle’ Approved By Cabinet Committee On Economic Affairs for Strategic Disinvestment (Date of Approval in Bracket)
ONGOING
Transactions Completed
Index