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Manmohan: State-run companies need autonomy
Highlights
Manmohan Says, State-Run Companies Need Autonomy. He said the government's ownership in such entities does not mean that these enterprises should be shielded from competition and state that the state-owned companies or PSEs (Public Sector Enterprises) may have long enjoyed captive markets.
New Delhi: Prime Minister Manmohan Singh on Thursday said the state-run companies should get greater autonomy in the functioning and said there was a need to free the companies from bureaucratic control and not from not getting defended from private sector competition, while pitching for public sector enterprises being made more competitive.
He further said "Going forward, our governments will have to increasingly adopt competition-neutral policies. Competitive neutrality requires that the government not use its legislative and fiscal powers to give undue advantage to its own businesses over the private sector."
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Addressing at the BRICS International Competition Conference on Thursday, the Prime Minister opined there is a solution of giving public sector firms greater functional autonomy and freeing them from bureaucratic control and not in tolerating a slip in their competitiveness and then shielding them from competition.
Later, addressing the anti-trust regulatory authority officials from the five countries - Brazil, Russia, India, China and South Africa, which are forming BRICS block, he said that a competitive public procurement market can make proposal engineering more difficult.
He said the government's ownership in such entities does not mean that these enterprises should be shielded from competition and state that the state-owned companies or PSEs (Public Sector Enterprises) may have long enjoyed captive markets.
He said growth, development and poverty reduction are the most important confronts that the governments face. Singh said India is on the edge of becoming the most significant exporter of services, while China is on the path to becoming the global leader in export of manufactured goods.
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