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Call to privatise civil aviation, banking
The Economic Survey 2016-17 tabled in Parliament on Tuesday by Union Finance Minister Arun Jaitley called for more privatisation in the civil aviation, banking and fertiliser sectors to further the economic reforms process.
New Delhi: The Economic Survey 2016-17 tabled in Parliament on Tuesday by Union Finance Minister Arun Jaitley called for more privatisation in the civil aviation, banking and fertiliser sectors to further the economic reforms process.
"India needs an evolution in the underlying economic vision across the political spectrum and further reforms are not just a matter of overcoming vested interests that obstruct them," the survey said.
The Economic Survey 2016-17 elaborated the many difficulties that are faced during the privatisation process of the public sector enterprises.
"In this context, the survey points towards the need to further privatise the civil aviation, banking and fertiliser sectors," the survey pointed out.
Besides, the survey listed ambivalence about property rights and the private sector, deficiencies in state capacity, especially in delivering essential services and inefficient redistribution as major challenges that might impede India's progress.
"The survey points out that the capacity of the state in delivering essential services such as health and education is weak due to low capacity, with high levels of corruption, clientelism, rules and red tape," the Survey read.
