PRIVATISED
Three state insurers may get Rs 5,000-cr infusion for revival
The Indian government may delay the planned privatisation of state-run general insurers, instead focusing on strengthening three insurers - Oriental Insurance Co. Ltd, National Insurance Co. Ltd, and United India Insurance Co. Ltd - through capital support and business revival plans. The government is expected to infuse about ₹5,000 crore into the insurers this fiscal, shelving any privatisation plan this fiscal.
Privatisation of Pakistan International Airlines schedule for early August: Reports
In the upcoming privatisation of Pakistan International Airlines, Finance Minister Muhammad Aurangzeb and Coordinator to Prime Minister Shahbaz Sharif play crucial roles in ensuring transparency and efficiency in the process.
Kanchenjunga Express train mishap: Govt doing nothing; wants to privatise Railway, TMC’s Firhad Hakim slams NDA govt
Sealdah (Kolkata): Mayor and Kolkata Minister Firhad Hakim on June 18 expressed grief over the Kanchenjunga Express train accident in West Bengal and informed that West Bengal govt has set up a help desk and all the ministers and secr...
Modi-led NDA govt must tackle unemployment problem, especially in unorganised sector: Rajiv Kumar
Former NITI Aayog Vice Chairman Rajiv Kumar emphasized that the Modi government's third term must address unemployment, particularly in the unorganized sector and SMEs. He highlighted the need to finalize the delayed four labor codes and recognized the K-shaped economic recovery post-COVID. Large corporations and highly skilled individuals have prospered, while lower-end workers and SMEs struggle.
Coalitions, building economic agreement
India's economic reforms are not slowed down by re-entering coalition politics. The country has a history of tough decisions and reformist outcomes under coalition rule since the 1990s.
Brute majority or coalition pressure, India's growth to be perpetual theme
India's growth story may thrive under a coalition rule despite no party having an absolute majority. Past data suggests coalition governments have effectively boosted growth but struggled with inflation. Inflation rates varied under different regimes, with Narendra Modi's government seeing 5.4% inflation during its tenures.
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Why should reforms now be a problem? Freebies, promised or delivered, didn’t work. Labour, trade, education & privatisation reforms await
Voters in the recent election have sent a clear message: they value responsible spending over freebies. At the national level, the NDA government, despite a reduced majority, was preferred over a challenger promising unattainable giveaways. Similarly, in Andhra Pradesh, the incumbent government, known for excessive freebies, faced a resounding defeat. The takeaway for future governments is to spend taxpayer money judiciously, prioritizing essential functions like infrastructure, education, health, and defence.
Shipping Corporation of India, NMDC Steel selloff to get fresh push after elections
The government plans to disinvest in Shipping Corporation of India (SCI) and NMDC Steel after the general election. SCILAL, a demerged entity of SCI, will be listed, setting the reserve price for SCI. The Maharashtra government waived stamp duty for SCILAL's demerger.
New study challenges benefits of healthcare privatisation
A study published in The Lancet Public Health journal highlights the negative effects of healthcare privatisation, particularly in high-income countries like the US, Germany, Canada, and South Korea. The research, led by the University of Oxford, suggests that privatisation seldom improves the quality of care but is associated with higher profits. It challenges the notion that market competition and flexibility in privately-owned healthcare systems lead to better outcomes.
Air India fundamental rights claims not valid since it is now a private airline, Supreme Court rules
The Supreme Court ruled that Air India ceased to be a state entity post-disinvestment and takeover by Tata Group, hence not liable to fundamental rights claims. Dismissing appeals against Bombay High Court's verdict, it emphasized Air India's transition to private entity status, precluding writ petitions' maintainability.
Diminishing healthcare quality, worsening patient health outcome: Lancet study decries healthcare privatisation
Study in The Lancet magazine reveals that healthcare privatization globally lowers quality of care and worsens patient outcomes. Based on extensive research across high-income nations, it highlights the negative impact of converting public hospitals to private entities and outsourcing services. Concerns raised amid Supreme Court scrutiny over healthcare cost discrepancies
Newly privatised Toshiba to cut 4,000 jobs in restructuring drive
Toshiba announces plans to cut up to 4,000 jobs in Japan as part of restructuring efforts following its takeover by a consortium led by Japan Industrial Partners. The move aims to accelerate the turnaround of the conglomerate, reflecting a broader trend of companies resorting to job cuts amid economic challenges.
BJP wants to destroy constitution, scrap reservation: Rahul Gandhi
Congress leader Rahul Gandhi accused the BJP of aiming to dismantle the Constitution and eliminate reservations for tribals, Dalits, and backward classes. Speaking at a public meeting in Bolangir, Odisha, Gandhi held up a copy of the Constitution and vowed to resist BJP's alleged attempts. He emphasized that the rights and benefits received by the country's marginalized communities were a result of the Constitution.
Pakistan to privatise all SOEs, except strategic enterprises: PM Sharif
Asserting that the government's job is not to do business but to ensure a business and investment-friendly environment, Sharif directed all ministries to take action and cooperate with the Privatisation Commission.
Post-Covid capex pumps PSU muscles
A reappraisal of PSUs, however, could slow the longer trend of GoI getting out of business. And it needs to filter out the temporary effects of economic management. PSU banks are unlikely to retain their new-found health against private competitors for an extended period. Government capex, similarly, has a shelf life, after which private investment is expected to take over. That means companies borrowing from the cheapest lender, often from abroad, to build capacities. Neither consumption- nor investment-led growth assures a special place for PSUs. They will have to compete.
Was PM Modi's promise to deliver special category status to Andhra a jumla, asks Congress
The Congress on Monday said the Modi government has "consistently failed" to deliver on the promise of giving special category status to Andhra Pradesh and underlined that the party's manifesto reaffirms the pledge for providing this status to the state. Congress general secretary Jairam Ramesh posed questions to Prime Minister Narendra Modi ahead of his rallies in Andhra Pradesh.
Pakistan pushes back deadline for expressions of interest to buy national airline
The extension, announced in a statement by Minister for Investment and Privatisation Abdul Aleem Khan, came a day before the expressions of interest had originally been due. He said 10 companies had already expressed an interest.
Modi govt 'snatching away' reservation by 'blindly' implementing privatisation: Rahul Gandhi
In a post in Hindi on X, Gandhi said the mantra of Narendra Modi's campaign to remove reservation is -- 'na rahega baans, na bajegi bansuri', meaning neither there will be government jobs nor any reservation will be available.
Pakistan: Electricity bills to rise as govt set to privatise power distribution companies
Pakistan finalises plan to privatise profit-making power companies, potentially raising electricity prices. Shehbaz-led coalition government to oversee privatisation. New 12-member board formed for the process. FIA officers deployed to curb power theft, aiming to recover losses.
Mallikarjun Kharge writes to President Murmu against 'privatisation' of Sainik schools
Mallikarjun Kharge said there are 33 Sainik schools in the country and they were fully government-funded institutions operated under the aegis of Sainik Schools Society (SSS), an autonomous body under the Ministry of Defence (MoD).
2 years after privatisation, Air India's turnaround is still on the tarmac
Tata Group acquired Air India in January 2022 from the government, aiming to revive the debt-ridden carrier. However, the merger with Vistara faces hurdles as pilots protest pay changes. Despite efforts to restore Air India's former glory, challenges persist, including operational issues and staff unrest, impacting the turnaround process.
Are there more legs to the rally in PSUs or is this space getting frothy? Rajeev Mantri explains
Rajeev Mantri of Navam Capital says regulator action and frothiness in smallcap and midcap segments have spooked the market. Privatisation of PSUs, attractive investment themes in metals and banking stocks, and alignment with renewable energy, healthcare, and fintech sectors are key areas of interest. Metals and banking stocks are looking very attractive and it also plays into the larger theme of the privatisation policy.
AIPEF leads power sector employees' protests against 'govt policies to privatise power assets'
AIPEF, along with NCCOEEE, held massive demonstrations at headquarters of all power utilities and projects against privatisation policies of the government, it said.
Commandeering heights: Shift from disinvestment to enhancing PSU value is smart economics and nifty politics
PSU reform and privatisation have been ongoing since the times of Rajiv Gandhi, P V Narasimha Rao, and Atal Bihari Vajpayee. Under Narendra Modi's leadership, PSU reform has been further expanded, including the sale of Air India to Tata Group.
SriLankan Air upbeat on India, will soon launch more flights
SriLankan Airlines aims to increase its revenue from the Indian market to 25% by the end of the next financial year, up from the current 20%. The airline, which is in the process of privatization, plans to enhance its presence in India by increasing weekly flights and adding new destinations, with Ahmedabad planned for the next year. The airline has also rolled out a new distribution portal in India and expects the Sri Lankan government's announcement of visa-free travel for Indians to boost traffic. The carrier is in the process of privatization, with 16 entities reportedly showing interest.
Pakistan election panel halts national carrier PIA's privatisation - Dawn
Pakistan, in deep economic crisis, agreed in June to overhaul loss-making state-owned enterprises under a deal with the International Monetary Fund (IMF) for a $3 billion bailout. The government decided to privatise PIA just weeks after signing the IMF agreement.
Interim Budget 2024: Plans afoot to privatise a state-run bank and a general insurance firm
The government is also expected to give final shape to the Insurance Amendment Bill, which is slated to be introduced in the next financial year, paving the way for strategic reforms in the sector, the people said, adding that some of the key announcements made during the second term of the Modi government, including the privatisation of two state-run banks and one general insurance firm, are expected to get going in 2024-25.
Will Budget 2024 care to sell family silver as privatisation drive flops?
The government is likely to miss its divestment targets for the fifth consecutive year, raising concerns about its privatisation plans. Data shows that the government has struggled to raise even half of the targeted proceeds for this fiscal year. Analysts are sceptical about further sales, especially with only six months left in the government's tenure. The upcoming interim Budget will reveal the government's stance on divestments.
Salem steel plant sale scrapped: Congress says victory of those who opposed 'ill-thought move'
The government on Wednesday said it has decided to scrap the privatisation of SAIL's Salem Steel Plant (SSP) in Tamil Nadu. This was the third unit of public sector major SAIL where the government has decided not to go ahead with the strategic sale.
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