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8/11/2019 Comparative Govt Performance of Privatization
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VOLUME NO. 4 (2014), ISSUE NO. 07 (JULY) ISSN 2231-4245
A Monthly Double-Blind Peer Reviewed (Refereed/Juried) Open Access ntern!tion!l e-Journ!l - ncluded in the ntern!tion!l "eri!l DirectoriesIndexed & Listed at:
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VOLUME NO. 4 (2014), ISSUE NO. 07 (JULY) ISSN 2231-4245
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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ii
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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• .uner% .9 !nd AJ Cri&ht (<I0)% L$!ctors of ndustri!l 9oc!tion in OhioL Ohio "t!te 8niversity% 'i&eri!
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'ichol!s ,!p!ldi% Ash&!te Rese!rch ,o3p!nion to ,orpor!te "oci!l Responsibility% ,h!pter 1% pp >=K-0*0
JOURNAL AND OTHER ARTICLES
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<>> June
UNPUBLISHED DISSERTATIONS AND THESES
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• #!r&% Bh!vet (>*)4 6ow!rds ! 'ew '!tur!l #!s Policy% Politic!l Ceely% ;iewed on J!nu!ry *% >*> http4//epwin/user/view!bstr!ct5sp
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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
+!$)$ti"n is #"n+ 0/i%! i'%!!ntin1 s$! !)"n"i) '"%i)i!s $n+ t/! +!1!! "# i'%!!nt$ti"n. T/! $i "# t/is $ti)%! is t" $n$%*4! t/! '!#"$n)! "#
'i-$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
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>
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%)
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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
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+
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 %
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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
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VOLUME NO. 4 (2014), ISSUE NO. 07 (JULY) ISSN 2231-4245
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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VOLUME NO. 4 (2014), ISSUE NO. 07 (JULY) ISSN 2231-4245
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