India is making the right moves with its mega privatization plan

One of the most ambitious plans to emerge from India’s recently announced Union budget was the government’s proposal to privatize state-owned companies in the coming years. This is an important step in India’s programme of reforms to achieve long-term sustainable growth. As Prime Minister Narendra Modi put it recently, the government would be less involved in the business of business, and asset monetization and privatization will empower Indian citizens, enhance India’s infrastructure, and increase economic efficiency. Since the 1980s, many countries have gone down the privatization path. Proponents of such an agenda believe it makes companies and sectors more efficient and competitive, to the ultimate benefit of consumers.