{"id":19418,"date":"2021-03-22T12:16:05","date_gmt":"2021-03-22T06:46:05","guid":{"rendered":"https:\/\/plyinsight.com\/?p=19418"},"modified":"2021-05-11T13:55:20","modified_gmt":"2021-05-11T08:25:20","slug":"union-budgets-good-ideas-dogged-by-bad-timing","status":"publish","type":"post","link":"https:\/\/plyinsight.com\/hi\/union-budgets-good-ideas-dogged-by-bad-timing\/","title":{"rendered":"Union Budget&#8217;s Good Ideas Dogged by Bad Timing"},"content":{"rendered":"<p><br \/>The privatisation of public sector enterprises (PSEs) announced in the Union Budget for 2021-22 is a good idea coming at the wrong time, <strong>noted economist and former Chief Statistician of India Pronab Sen<\/strong> said, arguing that it may end up dampening growth prospects by crowding out fresh investments.<\/p>\n<p><strong>\u201cFor the first time, the word privatisation has been actively used in the Budget,\u201d Mr. Sen said. \u201cI have absolutely no problems with privatisation but I do have a problem with the timing of privatisation,\u201d he added.<\/strong><\/p>\n<p><strong>\u201cAt the end of the day, regardless of what is happening on the stock market, privatisation is best done when the economy is booming. It is a terrible idea when the economy is in a slump,\u201d he said during a discussion on the Budget&#8217;s implications hosted by the PHD Chamber of Commerce.<\/strong><\/p>\n<p><strong>&#8216;Crowd out investments&#8217;<\/strong><br \/>Pointing out that investors buying a PSE would do so by dropping other investment plans they may have had, Mr. Sen said this would effectively drive investments to existing assets instead of creating new assets.<\/p>\n<p>\u201cThis itself is a depressing element as it brings the economic system down. Privatisation at the time of a recession is a horrible idea and it should be done only when the economy recovers. I think this point should be made very clear because the government is seeing it essentially as a source of finance. It is more than a source of finance\u2026 it can actually crowd out current investment in creating new capacities and will hold up growth,\u201d he said.<\/p>\n<p><strong>Funding bad banks<\/strong><br \/>Mr. Sen, now the India programme director at the International Growth Centre, also expressed concerns about the Budget&#8217;s bad bank proposal, citing global experience of bad banks working well if they were financed entirely by the government.<\/p>\n<p>\u201cIn this case, the intent is for the financial sector to set up a bad bank, offload their stressed assets and then the ARC will get around to disposing those assets off,\u201d he said.<\/p>\n<p>\u201cThink about what will happen \u2014 banks themselves will be taking a part of their current resources to fund the bad bank. All else aside, the funds they will have left available for industry&#8217;s current demand are going to be further eroded. It&#8217;s not a bad idea, I support it&#8230; but the timing is wrong,\u201d he said. <strong>\u201cIn economics, a good idea implemented at the wrong time is a bad idea,\u201d he summed up.<\/strong><\/p>\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>The privatisation of public sector enterprises (PSEs) announced in the Union Budget for 2021-22 is a good idea coming at the wrong time, noted economist and former Chief Statistician of India Pronab Sen said, arguing that it may end up dampening growth prospects by crowding out fresh investments. \u201cFor the first time, the word privatisation [&hellip;]<\/p>","protected":false},"author":1,"featured_media":19416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1056],"tags":[],"class_list":["post-19418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-march-articles-2021"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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