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Privatization: Contradiction to Imperatives of State Socialism

Authors: Jabadolia Laxmi Narayan, LLM (University of Rajasthan), M.Tech, MBA – GCMMF, Gujarat and Mourya Kanchan, Political Science, Education Dept., Rajasthan, India

ABSTRACT Earlier constitutional framers advocated for the mixed economy culture to set up a right step in which the basic social welfare objective of the Constitution can be fulfilled as a State Socialism through laid down the provisions of State Directive Principles in the Constitution those instruct states to enact laws to make states a welfare state. Later Indian Government adopted a New Economic Policy in 1991 for liberalization, privatization, and globalization (LPG) through the methods of disinvestment, deregulation, and denationalization aiming to raising an enterprise from losses, improving efficiency, globalization, raising funds and emphasizing transferring of ownership or management power of a public sector enterprise to the private sector hands, that are finally resulting in the loosing of government dominance, especially economic activities. In the current financial budget also, Govt. had committed for a keen role in the privatization of many Miniratnas, Navratnas and CPSEs for disinvestment for fundraise. Although some says, Privatization is good for a healthy economy in the free-market economy but others says, ‘privatization’ and ‘public welfare’ is an oxymoron and they do not go together, lost the control and power of the state over the economy and contradict to welfare state policies. This article emphasizes on constitution framers’ views for Indian Economy, the state socialism and analyses the effects of privatization on social state and its contradictions to imperatives of State Directives Principles laid down in the constitution of India.

Keywords: Privatization, Social State, State Directive Principles, Mixed Economy, New Economy Policy, Free Market.

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