Failed gods of the past: state capitalism has defeated itself

Article Abstract:

Inefficient management of government-owned enterprises has resulted in consistent losses for India's public sector businesses. The problem is reflected in virtually all state enterprises, resulting in moves to either reform or close down 58 businesses. For instance, the Heavy Engineering Corp (HEC) which was planned to spur industrial activity and rural development has instead become a liability due to decreased sectoral investment and steel price deregulation. However, HEC's viability may be improved with capital infusion to effect competitive product design and quality.

Management, Finance, Industrial equipment and supplies industry, Industrial equipment industry, Government business enterprises, Public enterprises, Heavy Engineering Corp.

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Stability for sure, Rao: 'By any yardstick, we have done a good job.' (interview with Indian Prime Minister P.V. Narasimha Rao) (India Means Business) (Cover Story) (Interview)

Article Abstract:

Indian Prime Minister P V Narasimha Rao remains sanguine about his national economic reforms despite recent election setbacks in important states. None of India's major parties disputes the reform program's general method and goals. Rao expects to see India become gradually more integrated into the Asia-Pacific Economic Cooperation (APEC) forum, and believes its tradition of stability will encourage investment and growth. He remains committed to democracy at every level of government, in contrast to some other Asian countries.

Interview, Prime ministers, Rao, P.V. Narasimha

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Reforms pay off

Article Abstract:

Economic growth in India has risen significantly from 1.2% of GDP for FY 1991-92 to an estimated 4.2% for FY 1992-93, led by a 5% increase in agricultural output. Inflation was reduced from 13.6% to around 7.8%, due in part to good weather and a smaller deficit. Major cuts in customs duties on goods used by industry and the full convertibility of the rupee on the trade account should further stimulate both imports and exports, which have shown strong growth in recent months.

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