Fiscal compulsions could drive privatisation, but there’s still a need to overcome hurdles created by labour laws and low valuation of public sector banks.
In his book released Friday, Patel also wrote that governments use state-owned banks to pump-prime the economy during slowdowns and are unlikely to let go of this instrument.
After the PNB-Nirav Modi scandal, there was an outburst of commentary calling for privatisation of public sector banks. It is far more complicated than that.
Beneath the uniform and the gallantry award was a man of rare humility. There was no trace of bravado in Colonel Sonam Wangchuk, no attempt to wear his achievements on his sleeve.
We now live in a world order that will keep shifting. India must use this window. This also means we remain disciplined enough not to be knee-jerked into reacting to what Pakistan sees as its moment in the sun.
COMMENTS