The Power and the Glory; State-controlled Firms  

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[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 401 no. 8756 (Oct. 2011), page 17.
Topik: Public Enterprise; Privatization; Capitalism; Business Conditions; Economic Conditions
Fulltext: The power and the glory.pdf (17.91KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.68 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Power, more than any other industry, captures the prevalence of the state in Indian business - and the harm it can do. Private capital has poured into building power stations, but most other bits of the supply chain are in the hands of the state. Often this set-up fails to deliver. When people think of state capitalism, China springs to mind, with its giant and opaque government-controlled firms. But India, more cuddly and less competent, is not too dissimilar. Some 40% of the profits of its 100 biggest listed firms come from state-controlled ones. In finance, energy and natural resources, they control at least two-thirds of production. Most were partially privatised over the past two decades, letting in a small proportion of outside shareholders. In aggregate, the 24 state outfits in the top 100 generated a 17% return on equity last financial year, on a par with the private sector, and profits almost doubled in the past five years. Even if India doesn't have the stomach for full privatisation, it is letting in the private sector in other, more subtle ways.

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