Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

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The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are..."/>
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    <h1 class="cat-box-title">Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik</h1>
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                            <p style="text-align:justify">-The Indian Express</p><p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p><p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p><p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of &ldquo;crowding out&rdquo; and such a strategy should be avoided anyway.</p><p style="text-align:justify">Selling public sector assets therefore does not &ldquo;release&rdquo; any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p><p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/" title="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p>                                                           
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                            <p style="text-align:justify">-The Indian Express</p><p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p><p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p><p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of &ldquo;crowding out&rdquo; and such a strategy should be avoided anyway.</p><p style="text-align:justify">Selling public sector assets therefore does not &ldquo;release&rdquo; any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p><p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/" title="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p>                                                           
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The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are..."/>
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The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are..." />
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    <h1 class="cat-box-title">Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik</h1>
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                            <p style="text-align:justify">-The Indian Express</p><p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p><p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p><p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of &ldquo;crowding out&rdquo; and such a strategy should be avoided anyway.</p><p style="text-align:justify">Selling public sector assets therefore does not &ldquo;release&rdquo; any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p><p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/" title="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p>                                                           
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    <br><a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/" class="re" target="_blank">The Indian Express, 25 March, 2021, https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/</a><div class="clear"></div>
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Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik

Published on Mar 25, 2021   Modified on Mar 25, 2021

-The Indian Express The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets. The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves. Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of “crowding out” and such a strategy should be avoided anyway. Selling public sector assets therefore does not “release” any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up. Please click here to read more.

The Indian Express, 25 March, 2021, https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/

Tagged with: Bond Equity Fiscal Deficit Public Sector Assets Public Sector Banks Public Sector Units Wealth Inequality Wealth Tax Profit Tax

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