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A panacea for local economic malady
Short of celebration, there was country wide jubilation in the land when the then finance minister Manmohan Singh enunciated his fiscal policy liberalising our economy, obviating hurdles in investment from global counterparts. Favourable climate was created, trade and commerce looked up and our foreign exchange resources got an unprecedented boost.
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Does motivation have to differ for PSUs?
There is a misconception that the public sector staff has to be treated differently from its counterpart in the private sector, and this has to be corrected if there is to be a proper strategy for human resource management in public sector undertakings. It is a fact that PSUs do not enjoy the kind of autonomy that is widely perceived to exist in private sector companies and there is a lot of back-seat driving by the administrative ministries, but this does not mean that motivation has to be different.
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Oozing nationalism
As a statement of intent, the BJP's pre-poll economic manifesto oozes nationalism from every pore. To that extent, it will be seen as out of tune with reality. Nationalism in this age of globalisation appears a quaint notion to India's intelligentsia, never mind how high a price the nation has to pay for globalisation of the here-and-now variety.
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The BJP's manifesto
The BJP's economic agenda is based on a model of development followed by many late developing countries, Japan and South Korea being recent examples. The model envisages a very close connection between the government, on the one hand, and the private sector, on the other, best illustrated by the relationship between the chaebols and the South Korean government.
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