Page 82 - EducationWorld August 2022

Postscript

Greatest PSE leader sub-registrars in Bengaluru and discovered “shocking
irregularities”. According to Justice (Retd.) B.S. Patil who
was appointed Lok Ayukta after the office was vacant for
EACH MAN’S DEATH DIMINISHES ME, FOR I several years, sub-registrars offices where all property
am involved in mankind,” wrote 16th-17th century registration documents have to be filed, are swarming
“English poet John Donne. The demise in Chennai with touts (agents) who levy large commissions rang-
on June 26 of V. Krishnamurthy (1925-2022) has ing from Rs.10,000-100,000 for completing dozens of
certainly diminished the nation. It marks the end of documents — many written only in Kannada, the state’s
the most distinguished leader of several show-piece dominant language. “Moreover, cash registers are not
Central government public sector enterprises (PSEs) maintained, PAN numbers are not mentioned in docu-
promoted with great hope and expectations in the first ments to evade payment of income tax, registration of
flush of India’s independence. But with PSEs requiring revenue sites is done illegally and higher officials neither
continuous budgetary support, independent India’s supervise nor take any action,” a Lok Ayukta spokesper-
public education and health sectors were perennially son informed the media.
starved of investment with catastrophic consequences for
Outraged by blatant “maladministration and
national development. derelictions,” Justice Patil has initiated suo motu
Be that as it may, under VK’s leadership several model
PSEs — Bharat Heavy Electricals Ltd (BHEL), Steel proceedings demanding explanation from the state
government. But that’s an exercise in futility because such
Authority of India (SAIL) and Maruti Udyog Ltd (MUL)
were established. The latter company was promoted by raids have been conducted every year since 2002 without
prime minister Indira Gandhi’s spoilt brat son Sanjay, any sub-registrar being prosecuted for corruption.
who promptly crashed it. After it was nationalised during Because under the rules, permission is required from the
the Emergency, VK travelled to Japan and in a brilliant State to prosecute government employees. Meanwhile, it
presentation, persuaded the board of Suzuki Motors to is easier for a camel to enter the eye of a needle than for
invest in this defunct PSE. The rest is history. the common man to emerge from a sub-registrar’s office
In my previous avatars as founding-editor of Business without paying a bribe. Serpents slide freely in the garden
I ndia and Businessw orld, I wrote several unprecedented city.
cover stories on BHEL, SAIL and MUL (now Maruti
Suzuki Ltd) and VK spent long hours detailing how he Bank frauds boom
intended to transform PSEs into model profitable enter-
prises.
On the other hand, I argued the case for ending PSE HE SMALL MINORITY OF REGULAR readers of
monopolies and encouraging private enterprise in the this page and publication in general are undoubted-
heavily regulated Indian economy. Presumably my Tly aware that your editor is more than disenchanted
advocacy of deregulation prevailed. Fed up with constant with India’s 256 Central and equal number of state gov-
government interference and unchecked corruption in ernment promoted public sector enterprises (PSEs).
PSEs, VK transformed into a prime mover of the 1991 With the benefit of hindsight, it’s clear that ignorance
industry liberalisation and deregulation initiative of the of ancient India’s glorious tradition of free enterprise
Narasimha Rao-led Congress government, which doubled which had enabled the growth and development of the
India’s annual rate of GDP growth. subcontinent into the world’s wealthiest region account-
After retiring as chairman of Maruti-Suzuki, VK ing for 20 percent of global income and output, and
continued to serve the public interest as chairman of diversion of national savings into white elephant PSEs
the National Manufacturing Competitiveness Council was a disastrous mistake. In 1969 it was compounded by
— a cabinet rank position and later as trustee of several nationalisation of the country’s 28 major banks by prime
education institutions in Tamil Nadu which he invited minister Indira Gandhi. Transformed into happy hunting
me to visit and project as model schools. Unfortunately, I grounds of the neta-babu brotherhood and managed by
couldn’t accept the offer due to work pressure. corrupt clerks ill-schooled in the fundamentals of banking
Undoubtedly, the greatest PSE leader of them all has business and practice, government banks have ruined
passed after a long, arduous and finally unsuccessful the Indian economy by continuous denial of timely credit
struggle to reform India’s black-hole resource guzzling to industry and excessive risk aversion. Unsurprisingly,
PSEs. The nation is diminished. India’s public sector banks are among the world’s worst
performers with NPAs (non-performing assets) averaging
15 percent of advances.
Cast-iron corruption According to a Business Today graphic report (July
24), India’s banks lost Rs.100 crore per day to fraudsters
ERHAPS THE GREATEST BENEFICIARIES during the past five years with PSBs (public sector banks)
of the Silicon Valley of India i.e, Bengaluru's defrauded of 80 percent of a total amount of Rs.5 lakh
Preal estate boom are the neta- b ab u (politician- crore. Although it’s woke to criticise the BJP/NDA gov-
bureaucrat) brotherhood and corners-cutting lawyers, ernment at the Centre for numerous acts of commission
who have accumulated massive fortunes from the maze of and omission, one of its most welcome decisions is to pri-
documents required to purchase and register property. vatise PSBs, starting with two this year. Yet it’s doubtful
On July 20, ten teams of the Karnataka Lok Ayukta whether this declaration of intent will be implemented.
(ombudsman) made surprise swoops on the offices of 43 The neta-babu brotherhood has too much to lose.

82 EDUCATIONWORLD AUGUST 2022