Comparative Govt Performance of Privatization

8/11/2019 Comparative Govt Performance of Privatization

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VOLUME NO. 4 (2014), ISSUE NO. 07 (JULY) ISSN 2231-4245

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INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE, ECONOMICS & MANAGEMENT A Monthly Double-Blind Peer Reviewed (Refereed/Juried) Open Access ntern!tion!l e-Journ!l - ncluded in the ntern!tion!l "eri!l Directories

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ONTENTS

Sr.No.

TITLE & NAME OF THE AUTHOR (S) PageNo.

1 ANALYSIS OF TOMATO MARKETING IN UASIN- GISHU COUNTY, KENYA

YEGOH KENNETH KIMELI KOSGEY

1

2 INDIAN DISINVESTMENT PERFORMANCE EVALUATION BETWEEN NDA & UPA

GOVERNMENTS

DR V S PURANIK & VIRUPAKSHA GOUD G

11

3 DEVELOPMENT OF SUSTAINABILITY REPORTING: CASE STUDY IN PT TIMAH

PERSERO! TBK

IA. BUDHANANDA MUNIDEWI, EKO GANIS SUKOHARSONO & DR. ARI KAMAYANTI

1"

# TRENDS IN ECONOMIC CONTRIBUTION OF TOURISM INDUSTRY TO INDIAN

ECONOMY

HARINI K.V & INDIRA M

21

" TOWARDS ENHANCING EFFICIENCY IN THE TRANSPORT INDUSTRY IN KENYA: ASTUDY OF THE ROAD AND RAIL TRANSPORT

ERIC LEWA KATANA & ABDULKARIM ABDULRAHMAN ABDULKARIM

2"

$ EMERGING TRENDS IN THE MARKET OF EVENT MANAGEMENT: A LITERATURE

REVIEW

ANTRIKSHA NEGI & RAVINDER PANT

3%

A STUDY ON INVESTORS' PERCEPTION TOWARDS DERIVATIVE INSTRUMENTS AND

MARKETS

DR. Y. NAGARAJU & SUMAN REDDY S

33

( RASHTRIYA SWASTHYA BHIMA YOJANA - COMPREHENSIVE HEALTH INSURANCE

SCHEME RSBY-CHIS! IN KERALA : A STUDY ON THE EFFECTIVENESS AND

UTILI)ATION OF THE SCHEME WITH SPECIAL REFERENCE TO ERNAKULAM AND

WAYANAD DISTRICTS

DR. P. P. MINI

#1

* TIME USE STUDIES TO EVALUATE UNPAID CARE WORK IN KERALA

ANILA SKARIAH

#

1% BOARD STRUCTURE AND BANK PERFORMANCE: AN ETHIOPIAN SURVEY

ARON HAILESELLASIE

"3

11 FINANCIAL DISCLOSURE IN THE ANNUAL REPORTS OF LIBYAN BANKS: FROM

PREPARERS' PERSPECTIVES

DR. MUSA M. KRIBAT

"*

12 APPRAISAL OF INFLUENCE OF MAJOR E+OGENOUS FACTORS ON VOLUME OF

LENDING BY DEPOSIT MONEY BANKS IN NIGERIA 1**% -2%11!

ABDULLAHI SHEHU ARAGA

$"

13 DOMESTIC ROOF WATER HARVESTING PRACTICES: AN EMPIRICAL INVESTIGATION

IN MEKELLE, ETHIOPIA

ARAYA ABREHA

3

1# PRICE DISCOVERY AND INFORMATION TRANSMISSION IN SPOT AND FUTURE

SEGMENTS FOR NSE "%: AN EMPIRICAL STUDY

PIYUSH PANDEY

(%

1" EFFECTIVE GOVERNANCE FOR SUSTAINABLE GROWTH OF INDUSTRIAL

UNDERTAKINGS AND MSME IN INDIA

AMARENDRA BHUYAN

(3

RE.UEST FOR FEEDBACK & DISCLAIMER (





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PROF/ NAWAB ALI KHANDep!rt3ent of ,o33erce% Ali&!rh Musli3 8niversity% Ali&!rh% 8P

PROF/ S/ P/ TIWARI.e!d% Dep!rt3ent of ?cono3ics Rur!l Develop3ent% Dr R!3 M!noh!r 9ohi! Av!dh 8niversity% $!i!b!d

DR/ ANIL CHANDHOKProfessor% $!culty of M!n!&e3ent% M!h!rishi M!r!ndeshw!r 8niversity% Mull!n!% A3b!l!% .!ry!n!

DR/ ASHOK KUMAR CHAUHANRe!der% Dep!rt3ent of ?cono3ics% 7urushetr!8niversity% 7urushetr!

DR/ SAMBHAVNA$!culty% 6M% Delhi

DR/ MOHENDER KUMAR GUPTAAssoci!te Professor% PJ9'#overn3ent,olle&e% $!rid!b!d

DR/ VIVEK CHAWLAAssoci!te Professor% 7urushetr! 8niversity% 7urushetr!

DR/ SHIVAKUMAR DEENEAsst Professor% Dept of ,o33erce% "chool of Business "tudies% ,entr!l 8niversity of 7!rn!t!!% #ulb!r&!

ASSO IATE EDITORS

PROF/ ABHAY BANSAL.e!d% Dep!rt3ent of nfor3!tion 6echnolo&y% A3ity "chool of ?n&ineerin& 6echnolo&y% A3ity 8niversity% 'oid!

PARVEEN KHURANAAssoci!te Professor% Mu!nd9!l'!tion!l,olle&e% 2!3un! '!&!r

SHASHI KHURANA Associ!te Professor% "M"7h!ls!9ub!n!#irls,olle&e% B!r!r!% A3b!l!

SUNIL KUMAR KARWASRAPrincip!l% A!!sh,olle&e of ?duc!tion% ,h!nder7!l!n% 6oh!n!% $!teh!b!d

DR/ VIKAS CHOUDHARY

Asst Professor% '6 (8niversity)% 7urushetr!

TE HNI AL ADVISOR

AMITA$!culty% #overn3ent M "% Moh!li

FINAN IAL ADVISORS

DICKIN GOYAL

Advoc!te 6!@ Adviser% P!nchul!NEENA

nvest3ent ,onsult!nt% ,h!3b!&h!t% "ol!n% .i3!ch!l Pr!desh

LEGAL ADVISORS

JITENDER S/ CHAHALAdvoc!te% Pun5!b .!ry!n! .i&h ,ourt% ,h!ndi&!rh 86

CHANDER BHUSHAN SHARMAAdvoc!te ,onsult!nt% District ,ourts% 2!3un!n!&!r !t J!&!dhri

SUPERINTENDENT

SURENDER KUMAR POONIA





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INTRODUCTION

REVIEW OF LITERATURE

NEEDIMPORTANCE OF THE STUDY

STATEMENT OF THE PROBLEM

OBJECTIVES

HYPOTHESES

RESEARCH METHODOLOGY

RESULTS & DISCUSSION

FINDINGS

RECOMMENDATIONSSUGGESTIONS

CONCLUSIONS

SCOPE FOR FURTHER RESEARCH

ACKNOWLEDGMENTS

REFERENCES

APPENDI+ANNE+URE

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INDIAN DISINVESTMENT PERFORMANCE EVALUATION BETWEEN NDA & UPA GOVERNMENTS

DR. % S !UR"NIK

!ROFESSOR & HE"D

DE!"RTMENT OF MB"

B"S"%ESHW"R ENINEERIN COLLEE

B""LKOT

%IRU!"KSH" OUD

"SST. !ROFESSOR

DE!"RTMENT OF MB"

B.%.%.S"NH"'S "IEMS

BID"DI

ABSTRACTT/is st+* is $i!+ t" i+!nti#* $n+ !-$%$t! +i##!!n)! !t0!!n t0" $%%i$n)! 1"-!n!nts in t!s "# Disin-!st!nt i'%!!nt$ti"n $n+ '!#"$n)!, i#

+i##!!n)! '!sists 0/$t is t/! +!1!! "# t/$t +i##!!n)!, st+* $is t" i+!nti#* )/$%%!n1!s $n+ !t/"+"%"1i!s $+"'t!+ #" Disin-!st!nt i'%!!nt$ti"n.

Disin-!st!nt P!#"$n)! !-$%$t!+ sin1 %ti'%! '$$!t!s %i2! Disin-!st!nt T$1!t T$2!n, M!t/"+s s!+, N! "# PSU3s )"nsi+!!+, '!)!nt$1! "#

t$1!t )"nsi+!!+ $1$inst B+1!t $n+ #is)$% +!#i)it. E-!n t/"1/ t0" +i##!!nt In+i$n '"%iti)$% $%%i$n)!s $! 'sin1 sii%$ !)"n"i) '"%i)i!s, int!!stin1

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'i-$ti4$ti"n !t0!!n t0" '"%iti)$% $%%i$n)!s.

KEYWORDS

An!lysis of ndi!n Disinvest3ent% ndi!n Priv!ti!tion% 'DA disinvest3ent% "u33!ry of ndi!n disinvest3ent% 8PA disinvest3ent

INTRODUCTIONince >1 ye!rs ndi! is run by &roup of politic!l p!rties r!ther th!n one politic!l p!rty% ndi! possess such two 3!5or !lli!nces one is 8nited pro&ressive

!lli!nce led by ndi!n '!tion!l ,on&ress !nd other one is '!tion!l De3ocr!tic !lli!nce 9ed By Bh!r!tiy!J!n!t! P!rty 8PA !lli!nce &overn3ent is

co3pletin& * ye!rs in the office !s ! rulin& p!rty ?ven both !lli!nces !re differentE ?cono3ic Policy such !s Priv!ti!tion is i3ple3ented by both the

!lli!nces% this study !i3ed !t !n!lyin& 8PA:s Disinvest3entperfor3!nce vis-!-vis with 'DA &overn3ent

$or !n!lysis purpose% this !rticle considered 'DA:s 1 ye!rs &overn3ent durin& <<<->**+ versus 8PA:s >**< >*+ &overn3ent%this study h!s not

considered 8PA- &overn3ent disinvest3ent perfor3!nce durin& >**+ to >**< bec!use of 8PA:s intern!l ch!llen&es fro3 9eft front p!rties !&!inst

disinvest3ent 8PA- disinvest3ent tr!c record is !bys3!l durin& >**+->**< ,o33on Mini3u3 Pro&r!3 prep!red by 8PA- (ie >**+-*<) is unf!vor!ble to

Priv!ti!tion

PUBLIC SECTOR ENTERPRISES IN INDIA"ince ndependence% ndi! h!s invested l!r&e !3ount of its revenue resources into buildin& co33erci!l enterprises Over the period% ndi! h!s built l!r&e

co33erci!l enterprises in v!rious for3s

As per the ,o3ptroller !nd Audit #ener!l of ndi! (,A#) report >**+-*1

About >** public co33erci!l enterprises controlled by union !nd st!te &overn3ents

> Around +** non co33erci!l !utono3ous bodies !nd !uthorities owned or controlled by union or st!te &overn3ents

0 Over ++** !uthorities !nd bodies subst!nti!lly fin!nced fro3 union or st!te revenues

SIGNIFICANCE OF THE STUDY"ince 01 ye!rs world is under&oin& 3!5or econo3ic refor3s% speci!lly refor3s in ter3s of Business liber!li!tion% #lob!li!tion !nd Priv!ti!tion ?cono3ic

rese!rch h!s shown th!t econo3ic refor3s h!ve helped in !llevi!tin& poverty (.i3!nshu) M!ny of the developin& countries h!ve !&&ressively persu!ded 9P#

policy since <=* ndi! h!s st!rted econo3ic refor3s in << !nd shown f!ster econo3ic &rowth co3p!red to previous dec!des.owever &!p found in cert!in

!re!s lie disinvest3ent !&!inst !ssu3ed t!r&et

6his study &ives nowled&e on !chieve3ent of ndi!n Disinvest3ent !nd rel!tive perfor3!nce of two different &overn3ents 6his helps econo3ist to predict

&overn3ent disinvest3ent beh!vior !nd such beh!vior 3!y be used durin& invest3ent decision 3!in&

EVOLUTION OF PRIVATI)ATION?ven thou&h priv!ti!tion e@!3ples c!n be noticed durin& '!i &overn3ent in #er3!ny% 6he credit of 3odern priv!ti!tion &oes to M!r&!ret 6h!tcher

&overn3ent% #overn3ent of ?n&l!nd h!s st!rted priv!ti!tion in <K< with BP (British Petroleu3)% British Aerosp!ce (<=)% '!tion!l $rei&ht ,orp (<=>) !nd so

on6hen the !dv!nt!&e of Priv!ti!tion spre!d !cross the world !nd the priv!ti!tion !&&ressively persu!ded by south A3eric!n countries lie ,hile% Br!il%

Ar&entin! 6he !dv!nt!&e of priv!ti!tion even spre!d to co33unist countries lie 8""R !nd ,hin! n the l!st 01 ye!rs world h!s seen 3ore th!n %**%*** fir3s

under&one priv!ti!tion (John 'ellis% >**1) ?ven thou&h '!i &overn3ent h!s st!rted the priv!ti!tion% t w!s 3ore of Politic!l in n!ture r!ther econo3ic

oriented (#er3!Bel)% 6h!tcher &overn3ent priv!ti!tion w!s econo3ic oriented not politic!l one

ndi!n Disinvest3ent (priv!ti!tion) st!rted bec!use of the econo3ic!l co3pulsions inste!d of econo3ic vision policy ?cono3ic!l co3pulsions such !s hi&h

$isc!l deficit% B!l!nce of p!y3ent crisis% current !ccount deficits !nd ntern!tion!l institutions !re re!son behind the econo3ic refor3s !nd priv!ti!tion 6he

credit of initi!tin& priv!ti!tion in ndi! &oes to "hri P ; '!r!si3h!r!o &overn3ent% &overn3ent st!rted priv!ti!tion by sellin& 0 co3p!nies in its first !tte3pt

PRIVATI)ATION METHOD IN INDIA6his study noticed interestin& observ!tions onus!&e of disinvest3ent 3ethod in ndi!"urprisin&ly% ndi! follows ! rel!tively different str!te&y to i3ple3ent

priv!ti!tion 6he first notice!ble difference is in its n!3e% ndi! repl!ced intern!tion!lly nown Priv!ti!tion word by Disinvest3ent As per the diction!ry%the 3e!nin& of Disinvest3ent is withdr!w!l of nvest3ent

ntern!tion!lly priv!ti!tion i3ple3ented throu&h v!rious 3ethods% !3on& such 3ethods% 3ost popul!r !re (R!noJelic >**0)% (ArbenM!l!5 >**0)

Public Offers

> "tr!te&ic "!le





http4//i5rc3or&in/

>

0 ;oucher priv!ti!tion

+ M!n!&e3ent ?3ployee buyout (M?BO)

1 "!le throu&h 3utu!l funds !nd $in!nci!l nstitutions

ndi! 3!inly followed first two 3ethods to i3ple3ent priv!ti!tion% in the be&innin&% &overn3ent st!rted priv!ti!tion by issuin& sh!res to 3utu!l fund

co3p!nies% l!ter &overn3ent !dopted public offer 3odel Durin& 'DA re&i3e% &overn3ent !dopted str!te&ic s!le 3ethod to i3ple3ent priv!ti!tion

"tr!te&ic "!le is ! s!le which & ives speci!l i3port!nce to identifyin& !ppropri!te priv!te co3p!ny to purch!se !nd 3!n!&e Public "ector ?nterprises so th!t

future of Public "ector ?nterprise is secured !nd well 3!n!&ed

Public Offer "!le is ! s!le where in &overn3ent sell Public "ector ?nterprises throu&h initi!l public offer !nd so3eti3es sellin& sh!res in bul u!ntity to

fin!nci!l institutions

INDIAN DISINVESTMENT PROCESS#overn3ent Of ndi! h!s 3!int!ined Disinvest3ent Process rel!tively 3ore 6r!nsp!rent% !ny disinvest3ent propos!l first need to &et !pprov!l fro3 ,,D

(,!binet co33ittee on Disinvest3ent 6hen proceeded to "election of !dvisor by co3petitive biddin& !dvertise3ent% prep!rin& infor3!tion 3e3or!ndu3%

si&nin& of confidenti!lity !&ree3ent selected bidders% prep!rin& dr!ft sh!re purch!se !&ree3ent with the help of le&!l !dvisors% Prep!rin& fin!l dr!ft with the

consult!tion of nter Ministeri!l #roup% conductin& Due dili&ence% conductin& v!lu!tion% coordin!tion with respective dep!rt3ents% invitin& fin!l bindin&

fin!nci!l bids

After e@!3in!tion% !n!lysis !nd ev!lu!tion% the reco33end!tion of the M# !re pl!ced before the core &roup of secret!ries on disinvest3ent (,#D)% whose

reco33end!tions !re pl!ced before the ,,D for ! fin!l decision re&!rdin& selection of str!te&ic p!rtner% si&nin& of the sh!re purch!se !&ree3ent !nd

sh!reholders !&ree3ent !nd other rel!ted issues

6he disinvest3ent process h!s been &uided by reco33end!tion 3!de by co33ittee on disinvest3ent set up in <<0 n the ye!r <<I% &overn3ent set up

disinvest3ent co33ission to desi&n !nd e@ecutive the priv!ti!tion of P"8:s Disinvest3ent process 3!de 3ore tr!nsp!rent% the dep!rt3ent sends !ll its

records to ,A# for verific!tion% !s on d!te it is pool proof fro3 corruption however issue !re r!ised with respect v!lu!tion

NDA & UPA ALLIANANCE GOVERNMENTSNDA GOVERNMENT

'!tion!l De3ocr!tic Alli!nce ('DA) led by Bh!r!tiy!J!n!t! P!rty (BJP) w!s for3ed soon !fter <<= &ener!l elections (>th

9o"!bh!)to cl!i3 &overn3entfor3!tion !t centr!l level 6he defe!t of ndi!n '!tion!l con&ress !nd 6hird front p!rties (A &roup of "t!te level politic!l p!rties !nd co33unist p!rties) resulted

for3!tion of 'DA !lli!nce 6he 'DA &overn3ent l!sted for 0 3onths until 3id-<<< when the AADM7 withdrew its support to &overn3ent

6he f!ll of 'DA &overn3ent resulted to <<< &ener!l elections (0th

9o"!bh!) n the <<< &ener!l elections% the BJP led 'DA won 0*0 se!ts out of 1+0 se!ts in

the 9o"!bh!% there by securin& co3fort!ble !nd st!ble 3!5ority On 0th

October BJP 9e!der "hriAt!lBih!ri ;!5p!yee too o!th !s Pri3e Minister of ndi! third

ti3e !nd led the &overn3ent until +th

9o"!bh! elections held durin& April-M!y >**+

UPA-1 GOVERNMENT

8nited Pro&ressive Alli!nce (8PA) led by ndi!n '!tion!l ,on&ress w!s for3ed soon !fter >**+ &ener!l elections (April-M!y >**+) to cl!i3 &overn3ent

for3!tion !t centr!l level 8PA for3!tion tri&&ered bec!use of elector!l defe!t of rulin& Bh!r!tiy!J!n!t! p!rty led 'DA &overn3ent 8PA won >>> se!ts !&!inst

'DA:s I< in the 1+0 3e3ber p!rli!3ent 9eft p!rties pl!yed ! vit!l role in for3!tion of 8PA !lli!nceE left front h!d 1< MP:s (includes ,PM% ,P% $orw!rd Bloc

!nd R"P) 6he other p!rties which supported 8PA &overn3ents were "!3!5w!di P!rty - 0< MP:s%B!hu5!n"!3!5 P!rty - < MP:s

6he 8PA- &overn3ent w!s dependent on cruci!l support of 9eft front which h!d 1< MP:s in the p!rli!3ent% 3!y be this w!s the re!son behind not t!in& !ny

disinvest3ent t!r&et durin& >**+ to >**< ,o33on Mini3u3 Pro&r!3 >**+ st!ted unf!vor!ble to priv!ti!tion 9eft front h!s withdr!wn its support due to

nucle!r !&ree3ent with 8"A n the subseuent election% 8PA developed !n !lli!nce with 6rin!3ool,on&ress in the left front p!rties do3in!nt west Ben&!l

UPA-2 GOVERNMENT

6he 8PA-> &ot re-elected in the >**< &ener!l elections with the incre3ent of 1I p!rli!3ent se!ts 6he other 3!5or hi&hli&hts of >**< &ener!l elections !re 'DA!lli!nce support further dwindled% BJP:s tot!l p!rli!3ent se!ts decre!sed to > fro3 0= 6he other i3port!nt develop3ent is decline of 9eft $ront fro3 1<

se!ts to >+ 6he >**< &ener!l elections &!ve ! co3fort!ble 3!5ority to 8PA !lli!nce 6he !bsence of 9eft front in the 8PA% encour!&ed &overn3ent to c!rry on

3uch needed econo3ic refor3s 8PA &overn3ent st!rted Disinvest3ent by t!in& ye!rly t!r&et in the !nnu!l bud&et

PRIVATI)ATION PERFORMANCE

2e!r 'u3ber of P"?:s

considered per

ye!r

Dis:t

6!r&et

Bud&et ?sti3!tes

Actu!ls

Disinvest

-3ent

Dis:t 6!r&et%

Percent!&e of

Bud&et

Dis:t

Percent!&e of fisc!l

deficit

Bud&et

?sti3!tes

(Actu!ls)

<< <> +K >1** 0*0= >> =* (0KK<>) 0*> (R?)

<<> <0 01 >1** <0 >* 1> (0IK>>) >+K>I (R?)

<<0N<+ I 01** Proceeds received in <+-<1 >+0 * (1=11) +0=K> (R?)

<<+ -<1 0 +*** +=+0 >+I K< (I*01) I>>K> (R?)

<<1-<I 1 K*** 0I 0< *I (I*>+0) K=>K1

<<I-<K 1*** 0=* >+= *I (IIK00) >***K

<<K-<= +=** <* > (=I0+1) >0>*I=

<<=-<< 1 1*** 10K K< +K (00+=) >K<0II

<<<-** + **** =I* 00 K (*+KK) ><=*=+

>***-* + **** =K 0 I (==I) 0>1I

>**-*> * >*** 1I1= 00 + (+*<11) 0I>+10

>**>-*0 I >*** 00+= >=< 00 (+1+II) ++I>

>**0-*+ < +1** 11+K 0 >>(>K+<) +K0I=

>**+-*1 > +*** >KI1 *= >(>I+=0) +<KI=>

>**1-*I 'o 6&t 1I< * *=<(K+K=0) 1*I>0

>**I-*K * 'o 6&t ---- * *(=01=) 1=00=K

>**K-*= 0 'o 6&t += * >I(1+<II) K>IK

>**=-*< * 'o 6&t ---- * *(+1K+<=) ==0<1I

>**<-* 1 'o 6&t >0110 * 1+(+0>K+>) *>++=K

>**- I +**** >>KI> 0I I*(0K0=<>) *=K+<

>*-> > +**** 0=<+ 0* >I(1I><*) 0*+0I1

>*>-0 = 0**** >0<1I >* +1(1>>>1) +0*=>1>*0-+ < +**** 11< >+ *(1+>+<<) II1><K

('ote4 for the ye!r >**<-*% Disinvest3ent t!r&et !ssu3ed !ver!&e percent!&e of + ye!rs of re3!inin& period% ie >K1 of bud&et !ctu!ls .ence disinvest3ent

t!r&et of >**<-* is !ssu3ed !s >K1 of Rs *>++=K crores ie Rs >1I> crores $or c!lcul!tion purpose)

(Dis:t Disinvest3ent% #ovt #overn3ent% ,r crores% yrs2e!rs%)



VOLUME NO. 4 (2014), ISSUE NO. 07 (JULY)

INTERNATIONAL JOURNAL OA Monthly Double-Blind Peer Reviewed (Refe

C0<486?0= 0 NDA 076=<7= " 5786 1***-%% 0 2

6ype of

#ovt

'o of

co:s for 1 yrs

Dis:

6!r

6!

(in c

'DA <<<-** to>**0-*+ 00 1=1

8PA >**<-* to >*0-+ 0* K1

DISINVESTMENT TARGET FI+ING?ither of the two different &overn3ents h!s not t!e

!ver!&e of 0*<= disinvest3ent t!r&et of the bud&e

(!ver!&e of + ye!rs) 'DA &overn3ent h!s t!en *0+=

the initi!l ye!rs !nd &r!du!lly decre!sed the t!r&et !s t

deficit

UPA 8= NDA D??=7<7= ?<4@7<7=8?0= >6?= 6

'ote4- Q !@is indic!tes percent!&e of !chieve3ent% y-

different% n c!se of 8PA% &overn3ent h!s preferred !c

to hi&her percent!&e of !chieve3ent !s their ter3 !pp

DISINVESTMENT METHOD USED BY UPA &Disinvest3ent 3ethod used

"tr!te&ic "!le Method

Public Offer% Bul sh!re s!le t

6ot!l

C0<48=?7 S0@ T960>9 S687? S8@7 M790:- M

'DA &overn3ent used str!te&ic s!le 3ethod to sell

3ethod

8PA &overn3ent h!s not used str!te&ic s!le 3ethod

3ethod

DISINVESTMENT PERFORMANCE INTERMS

Both the !lli!nce &overn3ent !s shown l!r&e dissi3

&overn3ent h!s !chieved >> disinvest3ent !&!inst

f isc!l deficit since be&innin& of disinvest3ent 8PA &o

fisc!l deficit in the $2 >**<-* !nd >**- respectively

RECOMMENDATIONS 6his study identifies l!c in !ny specific 3ethod

cert!in Disinvest3ent 6!r&et fi@!tion 3ethodolo&

> 6his study identifies ! continuous &!p in disinve

reco33end!tion is settin& up !n ?@pert co

i3ple3ent!tion

LIMATATION 6his study h!s considered only 1 ye!rs of >

nd ter3

> $2 >**<-* Disinvest3ent t!r&et is !ssu3ed !s >

*

1*

)**

)1*

)st ye

*O>*O+*OI*O=*O

)**O

F RESEARCH IN COMMERCE, ECONOMICeed/Juried) Open Access ntern!tion!l e-Journ!l - ncluded in the

http4//i5rc3or&in/

%%3-%#! V76> UPA-2 ?7 5786 ?/7/ 2%%*-1% 0 2%13-1#!, ?>67

et

en

r)

Dis:t

6!r&et

!chieved

(in cr)

Percent!&e

Achieve3ent

A&!inst

6!r&et

Aver!&e

percent!&e of

t!r&et of bud&et

( of1 yrs)

Percent!&

for 1 ye!rs

* >=>=+ +=0+ 0*<= ++0< (1

> =<K1I 1* >K1 0KI (1 y

n fi@ed percent!&e of disinvest3ent t!r&et !&!inst bud&et or fis

t for 1 ye!rs 8PA &overn3ent h!s t!en !ver!&e >K1 !s ! d

3ore t!r&et th!n the 8PA &overn3entE however both the &ove

er3 !ppro!ches t is not cle!r we!ther disinvest3ent t!r&et t!e

>@?= 7=>67:

@is indic!tes ye!r in the &iven ter3 6he beh!viour of two &ove

hievin& hi&her disinvest3ent in the initi!l ye!rs% while 'DA h!s &r

o!ches Perfor3!nce Beh!viour foundopposite in n!ture/

DA GOVERNMENT'DA Alli!nce #overn3ent 8PA Alli!nc

> S 6D, Properties *

fin!nci!l institution > 0*

00 0*

9% BA9,O% 9JM,% ,M,% .69% ;"'9% BP% PP9% .,% .9% P,9% J,9 !nd

> public sector enterprises !nd 6D, hotel properties loc!ted in

to sell !ny Public "ector ?nterprise%t h!s sold public sector

F FISCAL DEFICIT

il!rity in ter3s of disinvest3ent !&!inst fisc!l deficit% l!r&e v!r

$isc!l deficit in the l!st ye!r of its &overn3ent ter3 !nd it is ever

ern3ent disinvested hi&her in the initi!l ye!rs of its &overn3en

% l!ter its perfor3!nce &r!du!lly decre!sed !&!inst fisc!l deficit

olo&y followed to decide Disinvest3ent t!r&et Our reco33end

y in ter3s of percent!&e either !&!inst esti3!ted bud&et or esti3

t3ent !chieve3ent versus set t!r&et since >+ ye!rs irrespective

3ittee to desi&n better !nd !ccept!ble 3ethodolo&y !nd

of 8PA &overn3ent !nd e@cluded st

ter3 of 8PA rulin&

1% by t!in& !ver!&e of b!l!nce + ye!rs 8PA-> &overn3ent:s t!r

r >nd ye!r 0rd ye!r +th ye!r 1th ye!r

'DA

8PA

*O>*O+*OI*O=*O

)**O

ISSN 2231-4245

S & MANAGEMENT ntern!tion!l "eri!l Directories

0

?= I=?8= 6>477

e !chieve3ent of fisc!l deficit

yr deficit RsI0K*0cr)

r deficit Rs>0=II+=cr)

c!l deficit 'DA &overn3ent h!s t!en

isinvest3ent t!r&et !&!inst the bud&et

n3ents h!ve preferred 3ore t!r&ets in

n usin& the bud&et fi&ures or esti3!ted

rn3ents% disinvest3ent !chieve3ent is

du!lly 3oved fro3 lower !chieve3ent

#overn3ent

6D, hotel properties

different cities%!p!rt fro3 public offer

nterprises throu&h only Public offer

i!tion between e!ch ye!r found% 'DA

i&hest percent!&e !chieve3ent !&!inst

% it h!s disinvested 1+ !nd I !&!inst

tion is #overn3ent reuired to !dopt

!ted fisc!l deficit

of !ny ind of &overn3ent .ence our

process for successful disinvest3ent

&et





http4//i5rc3or&in/

+

0 6his !rticle sub3itted on M!rch >% >*+% !ssu3in& th!t no 3ore disinvest3ent is possible in $2 >*0-+ due to offici!l !nnounce3ent of #ener!l

?lections !nd 3odel code of conduct fro3 1th

M!rch >*+

CONCLUSION"o3e of the str!i&ht conclusion wh!t we c!n dr!w fro3 the !bove disinvest3ent perfor3!nce of different !lli!nce is% 9eft $ront p!rticip!tion in the &overn3ent

will hold b!c disinvest3ent 9ooin& !t the perfor3!nce% 'DA !lli!nce is rel!tively 3ore !&&ressive th!n the 8PA !lli!nce &overn3ent 'DA &overn3ent h!s

used "tr!te&ic "!le 3ethod !lon& with public offer s!le however 8PA &overn3ent h!s preferred only public offer 3ethod n ter3s of t!in& the t!r&et 8PA

&overn3ent is l!&&in& by >0 with the 'DA &overn3ent 3port!nt point is the de&ree of disinvest3ent i3ple3ent!tion differs between two different

!lli!nces but not policy

REFERENCES ArbenM!l!5% $!t3irMe3! (J!n >**0)% St$t!1i) 'i-$ti4$ti"n, Its $)/i!-!!nts $n+ )/$%%!n1!s5 % worin& p!per +% B!3ber& 8niversity

> ,o3ptroller Auditor &ener!l of ndi! (>**+)% C&AG !'"t 677897:%

0 Dep!rt3ent Disinvest3ent (>**0) Disin-!st!nt M$n$%5 % #overn3ent of ndi!

+ Dep!rt3ent of Disinvest3ent (>*+) S$*5 G"-!n!nt "# In+i$

1 Dep!rt3ent of Public enterprises (>*->) '!s-!* 67;;9;6%Dep!rt3ent Of Public ?nterprises% #overn3ent of ndi!

I DrBerh!nuMen&istu% Dr2!con .!il M!ri!3% Pi-$ti4$ti"n in T/!"* $n+ P$)ti)!< T/! iss!s t" ! )"nsi+!!+ 6he Journ!l of Applied business rese!rch

;ol 1% 'o +

K ?lection ,o33ission of ndi!

= #er3TBel (>**<) A1$inst t/!M$inst!$< N$4i Pi-$ti4$ti"n in ;=>73s G!$n*5 % 6he ?cono3ic .istory Review% ;olu3e I0% ssue

< .i3!nshu (>**=) #rowth% e3ploy3ent !nd poverty reduction4 post refor3s ndi!n e@perience% worin& p!per >0% Asi! Rese!rch centre% 9ondon school

of econo3ics

* John 'ellis (M!rch >**I)% Pi-$ti4$ti"n9A s$* Ass!ss!nt % Corin& P!per =K% ,enter for #lob!l Develop3ent

Joshi% ;i5!y !nd M D 9ittle <<I. In+i$3s E)"n"i) R!#"s ;==;9677;% O@ford 8niversity Press

> M!5!Dr!ic (>**K)% Pi-$ti4$ti"n in E)"n"i) T/!"* PA'O?,O'OM,8"% >**K% % str *0-= 8D, 00=>+I*>1==400*=

0 M!@i3 Boyco% Andrei "hleifer% Robert C ;ishny (Dec <<>)% V")/! Pi-$ti4$ti"n% #7% .!rw!rd 8niversity% !nd university ,hic!&o

+ Milinds!thye (JA'-M!rch >**1) Pi-$ti4$ti"n, '!#"$n)! $n+ !##i)i!n)*< A st+* "# In+i$n B$n2s% ;7A9PA% volu3e 0*% 'o %

1 Peter "chofield% Public ?nterprises P!rtnerships 6e!3% (M!r >**>)E I'%!!ntin1 Pi-$ti4$ti"n< t/! UK E?'!i!n)!% .M 6re!sury% 87

I Pl!nnin& ,o33ission (Ith

Dec >*0) D$t$ T$%!% #overn3ent of ndi!

K R7Mishr!% P#eet! !nd B'!veen (>**>) @Pi-$ti4$ti"n< T/! E-"%ti"n "# In+i$n T/"1/t % An3ol Public!tions% 'ew Delhi

= R!noJelic% Rich!rd Briston !nd Colf&!n& Aussene&& (>**0)% T/! C/"i)! "# Pi-$ti4$ti"n M!t/"+ $n+ t/! #in$n)i$% '!#"$n)! "# n!0%* 'i-$ti4!+ #is in

t$nsiti"n !)"n"i!s5, 0* (K) (=) % Journ!l of Business $in!nce Accountin&

< "urendr! 7 7!ushi (<<K)% In+i$3s E-"%-in1 E)"n"i) "+!%, A '!s'!)ti-! "n E)"n"i) $n+ in$n)i$% R!#"s5 ;ol 1I% 'o % A3eric!n Journ!l of

?cono3ics !nd "ociolo&y

>* 6 6 R!3 Moh!n (>**+ , Pi-$ti4$ti"n in C/in$< s"#t%*, s"#t%* +"!s it

> ;ipin M!li ("ept >**0) Disin-!st!nt in In+i$< N!!+ C/$n1! in Min+s!t% ;7A9PA% volu3e >=% 'o-0

WEBSITES

>> citeseer@istpsuedu/viewdoc/downlo!dUdoi*00pdf% Disinvest3ent Policy% Procedure !nd pro&ress

>0 dpenicin/public!tions/pesurveyH>*->% Public ?nterprises "urvey >*->

>+ http4//indi!bud&etnicin/% Bud&et records

>1 http4//p3indi!nicin/c3ppdf% ,o33on 3ini3u3 pro&r!3E >**+% 8nited Pro&ressive !lli!nce

>I http4//wwwc!&&ovin% ,o3ptroller Auditor #roup of ndi! (,A#)%

>K http4//wwwdivestnicin/DisHM!nu!l!sp% disinvest3ent 3!nu!ls >** !nd >**0

>= http4//wwwdivestnicin/whit>*p!perpdf% Chite p!per on disinvest3ent of centr!l public sector enterprises #overn3ent Of ndi!% Ministry of

$in!nce% Dep!rt3ent of disinvest3ent%

>< wwwdivestnicin/ch!p<!sp % Disinvest3ent Process





http4//i5rc3or&in/

1

RE(UEST FOR FEEDB"CK

D786 R7876

At the very outset% ntern!tion!l Journ!l of Rese!rch in ,o33erce% ?cono3ics M!n!&e3ent (JR,M)

!cnowled&es !ppreci!tes your efforts in showin& interest in our present issue under your ind perus!l

would lie to reuest you tosupply your critic!l co33ents !nd su&&estions !bout the 3!teri!l published

in this issue !s well !s on the 5ourn!l !s ! whole% on our ?-3!il?=0?6<<8?@/0< for further

i3prove3ents in the interest of rese!rch

f youh!ve !ny ueries ple!se feel free to cont!ct us on our ?-3!il ?=0?6<<8?@/0<

!3 sure th!t your feedb!c !nd deliber!tions would 3!e future issues better ! result of our 5oint

effort

9ooin& forw!rd !n !ppropri!te consider!tion

Cith sincere re&!rds

6h!nin& you profoundly

A87<?8@@5 50>6

"d/-C0-06?=806

DISCLAIMER6he infor3!tion !nd opinions presented in the Journ!l reflect the views of the !uthors !nd not of the

Journ!l or its ?ditori!l Bo!rd or the Publishers/?ditors Public!tion does not constitute endorse3ent by the

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producin& or deliverin& the 5ourn!l or the 3!teri!ls cont!ined therein% !ssu3es !ny li!bility or

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?ditori!l Bo!rd% nor !ny other p!rty involved in the prep!r!tion of 3!teri!l cont!ined in the 5ourn!l

represents or w!rr!nts th!t the infor3!tion cont!ined herein is in every respect !ccur!te or co3plete% !nd

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3!teri!l Re!ders !re encour!&ed to confir3 the infor3!tion cont!ined herein with other sources 6he

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concerned

Comparative Govt Performance of Privatization

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