Andy Mukherjee thinks the Indian government has got it wrong. Don't sell the profitable enterprises - sell the duds: Why India Must Sell Only Troubled State Assets
Economic policy making in India was the casualty last week as the government lost a battle that it shouldn't even have been fighting. Prime Minister Manmohan Singh capitulated to pressure from coalition partners when he scrapped a June 22 Cabinet committee decision to sell 10 percent stakes in two state-owned companies.
In a terse statement issued July 6, the government announced that Singh had "decided to keep all disinvestment decisions and proposals on hold, pending further review.'' The Bombay Stock Exchange Sensitive Index fell 2.4 percent On July 7, following the setback.
Singh has no one to blame but himself. There was no need for his government to risk its credibility with investors for a project that was doomed to fail.
The real candidates for asset sales in India are the ones that nobody is trying to sell. In the year ended March 2005, 73 unprofitable companies controlled by the federal government incurred total losses of about $2 billion, of which two-thirds was accounted for by just 10 companies, including two from the fertilizer industry and two from coal, one telephone-equipment manufacturer, one drugmaker and one railway operator...
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