India, for almost four decades since independence had been pursuing a path of development in which the public sector was expected to be the engine of growth. However, the public sector had out grown itself and its shortcomings started manifesting in the shape of low capacity utilisation, low efficiency and an inability to innovate or take quick timely decisions. Nobel Laureate Dr. Amartya Sen opined that “ While the case for economic reforms may take good note of the diagnosis that India has too much government interference in some fields, it ignores that fact that India also has insufficient and ineffective government activity in many other fields, including basic education, health care, social security, land reforms and the promotion of s
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