Even if FM will say we can understand she is an Economics graduate But uneducated SMriti IRani will open her ugly mouth to comment on such an important decision by chor chowkidaar
I like this anchor Sanketh. His questions are direct and brief, leaving plenty of time for the guest. And, Sanketh doesn’t interrupt needlessly. Jyothi Malhotra of The Print should watch and learn.
@@suyashkborkar5851 Yeah! The real doozy is the Republic TV with Arnab Goswami. It is real circus with anchor and guests growling at each other, all at the same time.
I feel like Jyoti's selling point is that she has a lot of connections, which she uses to bring people in for interviews. Unfortunately, her interviewing skills squander a lot of the advantage her connections bring.
Great to see that True Journalism is still alive somewhere. And this is a great great interview, and everyone should see it. And I think NDTV should publish it's hindi version also so that this knowledge can be gained by every single people, so that they can come to know about what the current government is doing to the country
He is typical fool. He says regulations are required and they will not obey it. Its just B.S. govt already has regulations on environmental and labour Issue and they can penalise and courts also can do it as is being done. That is not legitimate justification not to lease out to private sector And he talk about Boris yeltsin Russia where assets were given without any regulations , so to compare it with india is typical nonsense . No wonder when this bewakoof economist was advising govt india has low growth and he wants the same to continue.
@@davelawson2564 This dude Kaushik Basu has served as the Chief economist of World Bank, President of International Economic Association and has held many more such respectable positions, so he definitely knows a thing or two about economics. And definitely much better than you do, like who are you anyways what are your achievements in this sector or have you even ever in your life studied economics, huh. He was India's Chief Economic advisor starting 2009 until 2012 i.e. after the "2008 Financial crisis" if you know about that, India steered clear of this financial crisis and a bad monsoon season with the fairly decent GDP growth rates at 5 - 6%, unlike in 2019 where India's GDP growth rates fell to about 3%(lowest since 1991) i.e. even before the pandemic hit. So, yeah the point is you you are the typical troll fool. "aata jata kuch hai nahi bas chale aate hai mu uthake".
@@ankitghosal9324 there is a logical fallacy of " appeal to authority " and appeal to accomplishment in your argument. The justification of something being rational because it is said by a ma of o auhority is irrational. Please attack the argument.
House owner - Indian tax payer Owner assets - Railways ,airports ports etc. Chowkidar - u know who. Will you in your senses allow any chowkidar to do as he pleases with your assets ?? Ask the bigger question , why is your trusted chowkidar not telling who pays for his electrol bonds ? Majority has lost the ability to discern truth from well organized facts . Is it not the pledge n job of the Govt to protect n be responsible stewards of the nation's assets ? Who stopped Modi from improving the performance n efficiency of tax payers assets ??
We the people man the National assets in positions of Officers, Clerks and workers...and we are so corrupt that we, the Sarkari Babus can't run companies with efficiency... so it's best that the companies be sold to private players, who again are Indians, and their staff too is Indian.
@@PremChand-sb3lz Well, the people of India do not know what's good for them and that's why they kicked out an efficient and progressive government and got in Modi! 😏
The "interested" corporate is going to borrow from the PSB to fund the Govt lease. So in effect, the Govt is going to fund the corporate for them to profit. With such long Lease period, this is a clandestine sale of Country's assets at throw away price. Govt thus cannot vacate the Lessee.
Interestingly, Kaushik Basu suggests selling of the assets with an efficient auction system instead of leasing them out for 25 years to prevent asset stripping. Unfortunately that will not be possible in our political scenario where selling government assets may lead to the government losing the elections.
The failure of the government is prominent. Selling or leasing both are suggesting that the governance fell short or falls short to battle the need of the hour. Almost each and every government our India had or has or is going to have simply not willing to work on real issues. Some are scammers. Some are too foolish to understand what the governance means. Either the scammers or the religious fanatics or the industrial pets are going to ruin our India.
Well thats his theoretical suggestion. As an academician thats the max he can do. Practically how does one do it ? When despite repeated tenders no one ever stepped up to buy a loss making organization. And why should somebody ? Captain Gopinath does have the competence to take over Air India and run it competitively, but why does he need to put his energy in a messy business ?? Hence lease is the way to go, the current government does not have a choice
@@atanughosal01 Nobody in their right sense will take AI on lease with babus dictating how to run it. one of my friend in india advised Modi sarkar in 2017 to sell AI , but still they could not sell it because he has Idiots like kausik basu who advise him. And advise was to retain 49% govt stake or buyer should pay for AI and also pay for the loans that bewakoof babus /politicians running AI incurred due to their incomptence ! only a fool will agree to buy on such terms
@@davelawson2564 I am assuming that at least with a leasing agreement, these idiotic "babu(s)" should not have the governing (or dictating) rights. The leasing party should have the rights to run the C-Suit management, and they are not answerable to anybody, so long as they do the necessary profit sharing with the government. Also note, that in the past Govt did try to sell it with 49% holdings, problem is nobody stepped forward to buy it ..if you dont have a buyer, what would u sell ??
Who can't produce are eager to sell the assets. Only this statement is sufficient to establish the incompetency of sellers. Actually, they believe in commissions as they always act as commission agent.
As always straight to the point professor Basu. The government doesn't care for anything as long as they are in power and receive money from their business friends as electoral bonds.
There's something known as Market Price, govt assets that are majorly owned properties(due to railways) has drastically less value currently. Even in a well-designed auction it would gain less than market price, hence leasing now and selling later is much better. At this juncture even wealthiest is not ready to shell-out big bucks to acquire asset, a lease is always quicker option for pvt sector to acquire, produce and sell their goods and services. Leasing for 25years may feel long but he's forgetting that leasing is contractual and can be terminated. Sitting in US and speaking is easy, in fact there's a reason why govt didn't opt for selling right away, it would have created similar uproar like it did for farmers bill, hence slow but steady atleast govt have taken the step in this direction is welcoming. If selling can generate more revenue via auction why can't leasing? Is govt going to lease to the least offer?? Ofcourse not, if people will compete to buy aren't they going to compete to pay high from competitor to get the lease? Is the govt so naive? Monopoly - I have only one word..B**Shit.. this man isn't aware of sub-leasing. Even if asset is acquired by few companies it is utilised further by more smaller companies on sub-contract/sub leasing by acquiring necessary NOC from the govt. Hence creation of more employment. I feel this man needs more reading from Indian perspective, its all about taking steps one by one rather than jumping.
Private players will only considers profitability - for example let say you have train route to remote places and not profitable then private players won’t consider to plying the trains in such route Likes of this can be applied to all sector which is being sold
IRCTC, GAIL and Power Grid corp are listed public companies where u and I are share holders. How can Govt decide to announce Leasing its assets, without Board meetings, AGM and permission from SEBI ? The lease amount is to be credited to company for share holders to share. Govt can take leased amount only to the extent of its holdings. How did they calculate 6 lacs crores?
Its all foolish attempts to save the face of the govt, hiding the financial crisis it has brought about by its irrational reforms. This seems to be the worst step out of all when it comes to the finance. India is being given to few business tycoons.
Irctc only owns ticketing and catering operations of the railways. Also, post listing of irctc we are seeing the convenience fee of online ticket booking increase upto 30rs currently. Can't imagine what is going to happens when govt leases out railway stations and rail routes. Each lessee will impose a fee on top of the travel fare paid to the railways, such as originating station usage fee, destination station usage fee, route usage fee etc. It will increase the cost of travel and transport. And True, govt has to first discuss with the board of the companies to lease out their pipelines and other assets.
Fearing a day when - Adani enterprises will lease the whole of FCI warehousing across the country and monopolize the agri supply chain. Even state govts will be pushed to store civil supplies with them. The day when every national highway will become a toll road with tolls less than 50kms apart. The day when all seaports and airports will be own by one company and they will have their say in pricing and trade routes.
Prof Basu, I watch, listen & read his articles wherever I can come across. He always has a balanced view of India’s economic situation. Rightly so India is going through the same path as Russia creating oligarchs, a few who are given licences to amass wealth. They have quite a few of these Russian oligarchs in London, Europe & the US where they have shifted most of their wealth. It seems the senior economists in the US like Prof Bhagwati, Dr Surajit Bhalla are Mr Modis main advisors. Nobel laureates like Prof Sen & Dr Abhjit Banerji have never been very happy with what Mr Modi is upto.
Did you listen to DURYODHANA when he declined to give 5 Villages to PANDAVAS ?.. He thought Bagwan Krishna will capture the entire HASTINAPUR like what he did in his VAAMANA AVATAR .. All arguments look great. It's our comprehension power that determines how much we can assimilate and accept.
Economic is all about these simple thoughts. They are then proved via evidence approach with formulas, derivatives. What in india is taught is those derivatives instead of ideas so people never understand.
He was the financial adviser to Pranab Mukherjee, who introduced retrospective tax mess. Any economist when not an adviser to the Govt: 1. Govt has no business to be in business. Govt. In business worst option 2. Selling out the govt companies is worst option 3. Leasing out govt. Assets is worst option.
Never watch ndtv but this information and explanation is above that I was expected . In a nutshell We need proper framework for asset monetisation. Keeping in mind of welfare state need to keep away monopoly duopoly. Need to safeguard assets or will lead to stripped assets. Values of assets should be sell through auction keeping value of asset in mind
5 GOLDEN Achievements of MODI in presenting a good image of INDIA in the whole WORLD👏👏👏👏👏👏👏, 1. speaking English even he doesn't know the meaning of what he is talking about. 2. speaking with wrong pronunciation most of the time remember DOLAND TRUMP😜😜😜😜😜😜😜😜😜😜😜. 3. giving awkward hugs to all VVIP he meets breaking the protocol ..instead, he should shake hands not hugging😂😂😂😂 4. wearing strange combinations of colours while on foreign tours.😍😍😍😍😍😍 5. talking about the issues in front of international media without any knowledge about those issues thinking in his mind as if he is talking to his godi media in INDIA .😉😉😉😉😉😉
first u learn to Type Proper English, it is DONALD , not " DOLAND" Has anybody got any National Award in ur Family? or 14 Generation in ur Stupid Family? Saudi Arabia Government Bestowed their National Award to Indian Prime Minister, Highest Civilian Award
Its best to not speak in English on international platforms, speaking in Hindi should be mandatory for Indians on international stages. Our population is our strength, the language we speak should be the world language.
Where is the question of investments from collected money through monetization because government says, following de-investments policy. Demonetization experimented and now want to experiment with monetization, playing games without proper vision
This is actually a distress sale. Government is in dire need of money because of the mis management of the economy. Private players will take the advantage and get the property in cheap rates. They won't give the best possible price.
Thats call discussion... Hats off to sanket ji who always maintan the dignity of discussed subject by putting right questions to guest........Very decent way to understand the policy by experienced person who have ample and crucial knowledge of subject and describe in very simple way.
The main problem with this govt is its blind belief that privatisation is the only way forward. Giving any area only to private sector is a disaster as they are only interested in making more profit. Eg. During the corona times, private operators shut the bus services as there were very less travellers and since it is not profitable fir them. So how do the needful people commute if there are no state bus services?
Kaushik Sir, very nice arguments. However, the Indian political scenario is such that whichever government tries to sell a public sector entity/ organization, the opposition parties start misguiding and misleading people by saying things like, "your jobs will be at risk under private/ corporate ownership", "corporate houses will kick all of you out", "this government is ditched national interest in favor of private players" blah blah... The people also get misled, as general public is confused about how corporate houses run businesses. My opinion is, that a general study that compares the performance of public entities before and after they were privatized, should be conducted and published for the common people to see and dispel their doubts about privatization. Also, public sector entities should be brought out of the clutches of 'vultures' that the Indian politicians are. Through their absolute controlling and suffocating behaviour towards the public sector enterprises, they have only brought doom to them. Air India is the classic example - it was an award winning International airline in 1970s, when it was managed by JRD. However, government brought it under its direct control, and since then, the path has only been downhill for this airline, which used to be a great airline earlier, but now has been teetering on the verge of bankruptcy since past many years
The main problem with this govt is its blind belief that privatisation is the only way forward. Giving any area only to private sector is a disaster as they are only interested in making more profit. Eg. During the corona times, private operators shut the bus services as there were very less travellers and since it is not profitable fir them. So how do the needful people commute if there are no state bus services?
He is very right -- One of the best auction methods we had in the UPA govt which was the 2G auction -- Everyone remembers that -- Next was the Coal auction - I do not know CWG was also done through best auction using Best Economics tools -- The trouble started only after May 2014 when these Economic experts had to leave even after adopting great world's best economic tools - India lost huge economic talent on May 2014. Otherwise, we should have had series of the best auctions even after 2014 like that of the 2G auction and Coal auction CWG, etc..
Were we watching the same video? I though Basu was very clear in his support for complete privatization (sale) of some assets using auction as a mechanism.
If we extrapolate our past experiences of all the masterstrokes already been played, we will find ourselves in the very thick soup in the imminent future..
"The Government has no business in Business" is against the advice of Kautilya. Kautilya suggested mainly a public sector based economy. The USA is a Private sector based economy and it has huge balance of trade deficits, huge unemployment, huge number of homeless people, no security of employment and life. Is the kind of economy we want? The Government should take referendum on these issues.
The property being put on lease is not FM’s family property.. so why will she be concerned.. for government officials the government property should be more dear than their own private property.. but alas!! It’s very rare to find such officials
Monetization is need of an Hour as Modi is preparing New India to compete with Afghanistan. Bangladesh is ahead of New India after Demonetisation.navn.
The fear about monopolisation is rightly said. But suggesting that govt just sell the assets is a very risky thing to do, that Mr Kaushik should understand. And also the theory that selling will be better than leasing is not really backed by any facts. Also the fact that he is suggesting about maintaining govt regulations over the assets. I mean yeah sure, the govt tried to do that during sale of Air India, but it miserably failed as no single pvt player came out to be interested in the bidding process.
Prof Basu very articulative description , How to do ? What to do? very inciteful with similar ways carried out in past across the World and outcome....GOI to rethink current MEA has to be schooled along with NITI ayog babus
I didn't expect such a learned gentleman to claim that the USA has good regulation. It used to, once, until private players corrupted the establishment to loosen regulations over the last 20 years. Which is completely what will happen to India as well. He speaks of workers' rights, but labor regulations are terrible in the US.
First of all the most obvious question which any educated person will ask, leave alone an economist, is why were these national infrastructures un- utilised. Secondly, if such huge and costly infrastructures of national importance were lying un-utilised , it only means a huge part of the national budget allocation was being wasted for years at the expense of public money. Surely it is the heads of departments and the Budget Commitee who have allocated huge sums of public money towards un-utilised infrastructures and so they are responsible for the wastage of huge amount of public money and so should be questioned by an independent commitee and if required be prosecuted. Thirdly, which private entity will be interested in investing in infrastructure which is lying un-utilised and so definitely unprofitable and above all the huge amount of resources required to bring these infrastructures to operational conditions after years of neglect and lying idle. Most of these infrastructures may also have accrued huge amounts of debt which may have been required for meeting operational costs. Therefore taking all these facts into account, monetising under-utilised infrastructures is definitely not going to be profitable and so not viable.
The problem is that the Oppn is saying that Govt is selling off the country whereas Mr Basu is suggesting strategic sales of the assets instead of leasing..This is where media needs to have balanced views and hold Oppn also responsible for their comments and not support them blindly because of personal biases.
Please note that this is just one Economists perspective. There are other economist's who would agree with the government. Obviously the journalist is not trained to have a proper probing. Russia is just one country but there are other capitalist countries to look at. Wish there was governments reasons argued to give a balanced view for better understanding. With respect to Prof. Basu, this was inadequate but enough to please Congress side of politics.
@kaushikbasu @sanket great value for your thoughts. the govt wants to rush ideas without testing and generating failure implementation models. the big players will bid and sublease to their close frienda who have no experience. the banks will bleed again. we need efficient business leadership models and not creating monopolistic distress models. once again the FM points out the model emanating from congress new delhi station and mumbai pune expressway monetsation model. so the govt has again proved that they have no original idea and they copy from earlier govts but prove their incompetence in implementation.
1.they can't express free opinions government interfere too much 2. After that hard work they expect a good quality life (which is not available here) 3. They expect good salaries (while modiji is busy in advertising) 4. No comparable infrastructure as available in US This list can go on .....................
@@nabeelhasan6593 1. Govt doesn't interfere what an economist teach in his class. 2. With the money they have, they can live rich life anywhere in the world. 3. Earning dollars doesn't equate to greater income, there is something called cost of living. 4. Agreed.
@@support_mage nah I don't think anyone will bother economics. With regards to history, well if there is any distort in the current version, it need to be rectified. I would rather have a hurting truth of history than a distorted one.
@@support_mage That's the point buddy, they don't get paid well over there but you have fame(well you know the craze of foreign universities here) so they can appear in debate shows and write columns in newspapers which will pay more if you work in abroad than if you work here. Do you feel they live on salaries? They invest in business.
@@Ravikumar-op1fw what's the use of teaching in India anyway. The bright students will leave because there simply isn't enough opportunity over here to spread their wings freely. Yes the government will interfere if they criticise its policies. And they don't get paid well overseas? 😂😂
Superb analysis. Roll back, use auction route. Great. We have a sincere lady as our FM. A PM who lacks patience and foresight. A bankrupt Government. Whatever happened to the MRTP Act?
GLASS HALF FILLED vs GLASS HALF EMPTY -- These so-called experts can argue any which way -- we have heard this for the last 30 years of the TV News explosion. BRAHASPATHI and SHUKRACHARYA always argue and both arguments look legitimate
It looks like earlier economic package policy ie. Atmanirbar as announced during phase 2 Covid is being fulfilled by the present National Asset Monetization upcoming policy ?
What an excellent discussion!!!! The damage done to Indian economy, as a whole, under this irresponsible, dimwitted govt, is going to haunt all future govts. Pathetic policies, inefficient implementation and disastrous consequences!!!!!
@Ramesh Nagmoti As per wikipedia she does. As per her reforms, it doesnt seem so. Already people are fed up of the taxes on petrol. Middle class people like me are do scared to even buy a vehicle on our own. Now with other public sector, going on to private for "lease" only worsens the scenario. They will only loot the sector their profits snd that might help bigger cities like mumbai, delhi, but the smaller ones are only going to get affected more. Who gives for lease over such huge period??... Govt should tell what is the current revenue from these assests rather than giving a projection of the money over 4yrs. She should atleast have consulted senior economists like manmohan singh who is one of the finest economists we have today, irrespective of the party barriers. I am not a congress supporter. But such decisions decide the future of the country and hence requires soo much of policy making than publicity. Atleast they should agree that our economy is in ruins. We pay taxes and again pay more on routine items like petrol in the name of tax increasing everyday. Policies are making people like us bleeding with poverty and insecurity.
@Ramesh Nagmoti Let each political party put out their funding data and sources. Let all political parties show who funds their elections. Then we will know why govt is doing this and why we have a weak opposition.
Everything might not work for everyone. Nordic countries have most of the departments under state control while US has all privatized and both are rich countries.
Sir, it is most unfortunate for Indian democracy that the present government believes and forces people to admit that cabinet ministers are the most scholarly person in this regard. Whatever they are doing are the best option in front of the country without going through unbiased and critical analysis in the parliament. It cannot be considered as anything but irresponsible and irrational arrogance to impose crony capitalism with a fascist ambition of the government.
Wow, what an economist! I'm no expert, but I can say for sure that renting out an inhabited house is completely different from renting out a house that's lying vacant for ages. Again, I'm no expert but it would interesting to learn from the professor his views on idle assets, how to decrease their liability and how he does the books of companies with huge amounts of idle assets. Would he advice companies to sell-out their idle assets, how would it reflect in their books, how would it affect their valuation, how would it affect their ratings, how would it affect their ability to accrue funds/loans from the market. This is nothing but proponents of socialism showing their hatred for capitalism, while they themselves are enjoying capitalism to the fullest.
KB gives examples of Govt efficiency of Scandinavian countries. How much was the Govt under his UPA efficient? He gives example of auctions which his UPA govt didn't do. It's easy to criticize when you are in opposition
Tomorrow Finance Minister will say Kaushik Basu knows nothing about privatization....
I think too so
Haha, finance minister!!!!, Me 2!!!!
Even if FM will say we can understand she is an Economics graduate
But uneducated SMriti IRani will open her ugly mouth to comment on such an important decision by chor chowkidaar
This is probably the first time that the entire country knows better about economics than our ridiculously ill-informed Nirmala Tai.
@@snehasisjena8714 so correct
She looks like a joker actually
I like this anchor Sanketh. His questions are direct and brief, leaving plenty of time for the guest. And, Sanketh doesn’t interrupt needlessly. Jyothi Malhotra of The Print should watch and learn.
NDTV and CNBC is good rest are just Noise.
@@suyashkborkar5851 Yeah! The real doozy is the Republic TV with Arnab Goswami. It is real circus with anchor and guests growling at each other, all at the same time.
I feel like Jyoti's selling point is that she has a lot of connections, which she uses to bring people in for interviews. Unfortunately, her interviewing skills squander a lot of the advantage her connections bring.
@@dopplereffect4278 Jyothi seems to dislike brevity. Also ironical that the Anchor herself becomes a subject.
*NDTV must learn from Mr. Arnab.*
😆
Great to see that True Journalism is still alive somewhere.
And this is a great great interview, and everyone should see it.
And I think NDTV should publish it's hindi version also so that this knowledge can be gained by every single people, so that they can come to know about what the current government is doing to the country
And I don't know why this type of good interviews are getting this much views and likes only
Because all the Indians are not genius like you, watching Ndtv..
This is the most informative insight that is available across all the media channels right now! Thank you Professor Basu. Thank you NDTV!
He is typical fool. He says regulations are required and they will not obey it. Its just B.S. govt already has regulations on environmental and labour Issue and they can penalise and courts also can do it as is being done. That is not legitimate justification not to lease out to private sector
And he talk about Boris yeltsin Russia where assets were given without any regulations , so to compare it with india is typical nonsense . No wonder when this bewakoof economist was advising govt india has low growth and he wants the same to continue.
@@davelawson2564 This dude Kaushik Basu has served as the Chief economist of World Bank, President of International Economic Association and has held many more such respectable positions, so he definitely knows a thing or two about economics. And definitely much better than you do, like who are you anyways what are your achievements in this sector or have you even ever in your life studied economics, huh.
He was India's Chief Economic advisor starting 2009 until 2012 i.e. after the "2008 Financial crisis" if you know about that, India steered clear of this financial crisis and a bad monsoon season with the fairly decent GDP growth rates at 5 - 6%, unlike in 2019 where India's GDP growth rates fell to about 3%(lowest since 1991) i.e. even before the pandemic hit. So, yeah the point is you you are the typical troll fool. "aata jata kuch hai nahi bas chale aate hai mu uthake".
@@ankitghosal9324 he is andh bhakt so he sees things thru bhakti perspective.looking for who to blame.
@@ankitghosal9324 there is a logical fallacy of " appeal to authority " and appeal to accomplishment in your argument. The justification of something being rational because it is said by a ma of o auhority is irrational. Please attack the argument.
@@gatul6305 Well said Atul.
House owner - Indian tax payer
Owner assets - Railways ,airports ports etc.
Chowkidar - u know who.
Will you in your senses allow any chowkidar to do as he pleases with your assets ?? Ask the bigger question , why is your trusted chowkidar not telling who pays for his electrol bonds ? Majority has lost the ability to discern truth from well organized facts . Is it not the pledge n job of the Govt to protect n be responsible stewards of the nation's assets ? Who stopped Modi from improving the performance n efficiency of tax payers assets ??
We the people man the National assets in positions of Officers, Clerks and workers...and we are so corrupt that we, the Sarkari Babus can't run companies with efficiency... so it's best that the companies be sold to private players, who again are Indians, and their staff too is Indian.
The Chowkidar is leasing off the country to his crony capitalist Gujju buddies for a song,and having the taxpayer subsidize the bandits.
Are you joking? Increasing efficiency of government assets 😂 by government! Isn't "efficient government" the most hilarious oxymoron?!!
@@rohitchandra5841 ..Then the greatest chowkidar must be the bigget oxymoron 😇🤡👿
@@PremChand-sb3lz Well, the people of India do not know what's good for them and that's why they kicked out an efficient and progressive government and got in Modi! 😏
The "interested" corporate is going to borrow from the PSB to fund the Govt lease. So in effect, the Govt is going to fund the corporate for them to profit. With such long Lease period, this is a clandestine sale of Country's assets at throw away price. Govt thus cannot vacate the Lessee.
Well said
So better sell them...
Exactly lease at lower price and finance that lease from govt sources . This is the best deal and a lesson on how to make oligarchs in a country
Gov will get interest from money given as loan to corporate.
@@secretscipio Interest PSBs can get anyway from any lending. That's not the only interest Govt has in it.
We need more discussion like this❤❤🌹❤🌹❤❤❤❤❤
Correct as it is even good but term is 25 years and more so govt should consult opp parties, ngos, other econmists etc
Interestingly, Kaushik Basu suggests selling of the assets with an efficient auction system instead of leasing them out for 25 years to prevent asset stripping. Unfortunately that will not be possible in our political scenario where selling government assets may lead to the government losing the elections.
absolutely Right, he is basically a hypocrite who just want attention by criticizing everything this government want to do
The failure of the government is prominent. Selling or leasing both are suggesting that the governance fell short or falls short to battle the need of the hour. Almost each and every government our India had or has or is going to have simply not willing to work on real issues. Some are scammers. Some are too foolish to understand what the governance means. Either the scammers or the religious fanatics or the industrial pets are going to ruin our India.
Well thats his theoretical suggestion. As an academician thats the max he can do. Practically how does one do it ? When despite repeated tenders no one ever stepped up to buy a loss making organization. And why should somebody ? Captain Gopinath does have the competence to take over Air India and run it competitively, but why does he need to put his energy in a messy business ?? Hence lease is the way to go, the current government does not have a choice
@@atanughosal01 Nobody in their right sense will take AI on lease with babus dictating how to run it. one of my friend in india advised Modi sarkar in 2017 to sell AI , but still they could not sell it because he has Idiots like kausik basu who advise him. And advise was to retain 49% govt stake or buyer should pay for AI and also pay for the loans that bewakoof babus /politicians running AI incurred due to their incomptence !
only a fool will agree to buy on such terms
@@davelawson2564 I am assuming that at least with a leasing agreement, these idiotic "babu(s)" should not have the governing (or dictating) rights. The leasing party should have the rights to run the C-Suit management, and they are not answerable to anybody, so long as they do the necessary profit sharing with the government.
Also note, that in the past Govt did try to sell it with 49% holdings, problem is nobody stepped forward to buy it ..if you dont have a buyer, what would u sell ??
Companies awarded Contract will take loan from Banks which will never be paid will create bigger NPA than the money collected awarding the contract
Another important point
And, the government will write-off that loan.
Who can't produce are eager to sell the assets. Only this statement is sufficient to establish the incompetency of sellers. Actually, they believe in commissions as they always act as commission agent.
And nobody cares or listen to what we are losing..
Brilliantly explained by the professor. The government must reverse their ill thought out leasing scheme.
So you prefer selling?
@@phanirajsrinivasch8108 yes, but as explained by the professor.
@@prakashudyavar9811 He said the assets should be sold outright..
He has best explained the situation and its cons of this scheme
@@prakashudyavar9811 bol n bhai??? You support asset selling rather than renting out...
Prof. BASU is so clear......GREAT.
We all know who will buy these assets at the lowest of prices.
As always straight to the point professor Basu. The government doesn't care for anything as long as they are in power and receive money from their business friends as electoral bonds.
There's something known as Market Price, govt assets that are majorly owned properties(due to railways) has drastically less value currently. Even in a well-designed auction it would gain less than market price, hence leasing now and selling later is much better. At this juncture even wealthiest is not ready to shell-out big bucks to acquire asset, a lease is always quicker option for pvt sector to acquire, produce and sell their goods and services.
Leasing for 25years may feel long but he's forgetting that leasing is contractual and can be terminated.
Sitting in US and speaking is easy, in fact there's a reason why govt didn't opt for selling right away, it would have created similar uproar like it did for farmers bill, hence slow but steady atleast govt have taken the step in this direction is welcoming.
If selling can generate more revenue via auction why can't leasing? Is govt going to lease to the least offer?? Ofcourse not, if people will compete to buy aren't they going to compete to pay high from competitor to get the lease? Is the govt so naive?
Monopoly - I have only one word..B**Shit.. this man isn't aware of sub-leasing. Even if asset is acquired by few companies it is utilised further by more smaller companies on sub-contract/sub leasing by acquiring necessary NOC from the govt. Hence creation of more employment.
I feel this man needs more reading from Indian perspective, its all about taking steps one by one rather than jumping.
Nice response. This guy loves to oppose everything this government does.
Prof. Basu , as usual , is lucid . Quite enlightening ! Indeed, I have been wondering why the issue of ' asset stripping ' is not being talked about.
Private players will only considers profitability - for example let say you have train route to remote places and not profitable then private players won’t consider to plying the trains in such route
Likes of this can be applied to all sector which is being sold
IRCTC, GAIL and Power Grid corp are listed public companies where u and I are share holders. How can Govt decide to announce Leasing its assets, without Board meetings, AGM and permission from SEBI ? The lease amount is to be credited to company for share holders to share. Govt can take leased amount only to the extent of its holdings. How did they calculate 6 lacs crores?
Its all foolish attempts to save the face of the govt, hiding the financial crisis it has brought about by its irrational reforms.
This seems to be the worst step out of all when it comes to the finance.
India is being given to few business tycoons.
Irctc only owns ticketing and catering operations of the railways. Also, post listing of irctc we are seeing the convenience fee of online ticket booking increase upto 30rs currently. Can't imagine what is going to happens when govt leases out railway stations and rail routes. Each lessee will impose a fee on top of the travel fare paid to the railways, such as originating station usage fee, destination station usage fee, route usage fee etc. It will increase the cost of travel and transport.
And True, govt has to first discuss with the board of the companies to lease out their pipelines and other assets.
Govt. Is the promoter
Advice from experts will fall in deaf ears. Mortgaging interest into the hands of a few is disatrous.
Fearing a day when - Adani enterprises will lease the whole of FCI warehousing across the country and monopolize the agri supply chain. Even state govts will be pushed to store civil supplies with them.
The day when every national highway will become a toll road with tolls less than 50kms apart.
The day when all seaports and airports will be own by one company and they will have their say in pricing and trade routes.
Unwanted assumptions without basis
Prof Basu, I watch, listen & read his articles wherever I can come across. He always has a balanced view of India’s economic situation. Rightly so India is going through the same path as Russia creating oligarchs, a few who are given licences to amass wealth. They have quite a few of these Russian oligarchs in London, Europe & the US where they have shifted most of their wealth. It seems the senior economists in the US like Prof Bhagwati, Dr Surajit Bhalla are Mr Modis main advisors. Nobel laureates like Prof Sen & Dr Abhjit Banerji have never been very happy with what Mr Modi is upto.
Can anyone expect this kind of intellectual on republic tv
Gullu : not in this lifetime😂😂
Did you listen to DURYODHANA when he declined to give 5 Villages to PANDAVAS ?.. He thought Bagwan Krishna will capture the entire HASTINAPUR like what he did in his VAAMANA AVATAR .. All arguments look great. It's our comprehension power that determines how much we can assimilate and accept.
Deliberative discussion Indian wants this like debates...
Absolutely brilliant. The interviewer did a fine job as well.
This will result like all other schemes of this foolish modi govt! They simply dont understand economics!
They understand everything and do things deliberately 2 full fil their promises.
@@hussainlaskar3092 they are illiterate goons, they have no knowledge, no education.
@@ageless1003 Of course, they should have done what the esteemed professor suggests: that is outright sell of assets rather than renting them out!!
Koi nahi sun raha bhai. Bhatta baitha ki hi mangega Gawaar PM.
Me knowing nothing about economics ...this was very effectively explained and presented.
Economic is all about these simple thoughts. They are then proved via evidence approach with formulas, derivatives. What in india is taught is those derivatives instead of ideas so people never understand.
@@gyatak200 rightly said. Subjects like these are always poorly presented hence make them unapproachable.
He was the financial adviser to Pranab Mukherjee, who introduced retrospective tax mess. Any economist when not an adviser to the Govt:
1. Govt has no business to be in business. Govt. In business worst option
2. Selling out the govt companies is worst option
3. Leasing out govt. Assets is worst option.
Modi = Master of Mis-Management (MMM)
Never watch ndtv but this information and explanation is above that I was expected .
In a nutshell We need proper framework for asset monetisation.
Keeping in mind of welfare state need to keep away monopoly duopoly. Need to safeguard assets or will lead to stripped assets. Values of assets should be sell through auction keeping value of asset in mind
5 GOLDEN Achievements of MODI in presenting a good image of INDIA in the whole WORLD👏👏👏👏👏👏👏,
1. speaking English even he doesn't know the meaning of what he is talking about.
2. speaking with wrong pronunciation most of the time remember DOLAND TRUMP😜😜😜😜😜😜😜😜😜😜😜.
3. giving awkward hugs to all VVIP he meets breaking the protocol ..instead, he should shake hands not hugging😂😂😂😂
4. wearing strange combinations of colours while on foreign tours.😍😍😍😍😍😍
5. talking about the issues in front of international media without any knowledge about those issues thinking in his mind as if he is talking to his godi media in INDIA .😉😉😉😉😉😉
first u learn to Type Proper English, it is DONALD , not " DOLAND" Has anybody got any National Award in ur Family? or 14 Generation in ur Stupid Family? Saudi Arabia Government Bestowed their National Award to Indian Prime Minister, Highest Civilian Award
Its best to not speak in English on international platforms, speaking in Hindi should be mandatory for Indians on international stages. Our population is our strength, the language we speak should be the world language.
The Professor suggests very explicitly that "BECH DE" would have been a better way... That should be the stand of Opposition parties too...
hahaha..... Dharma of opposition would not allow to support either which way......
Where is the question of investments from collected money through monetization because government says, following de-investments policy. Demonetization experimented and now want to experiment with monetization, playing games without proper vision
Exactly
Very good analysis with anchor intelligently guiding thru every aspect without showing any bias
This is actually a distress sale. Government is in dire need of money because of the mis management of the economy. Private players will take the advantage and get the property in cheap rates. They won't give the best possible price.
Thats call discussion...
Hats off to sanket ji who always maintan the dignity of discussed subject by putting right questions to guest........Very decent way to understand the policy by experienced person who have ample and crucial knowledge of subject and describe in very simple way.
Excellent presentation.
Thank you.
The main problem with this govt is its blind belief that privatisation is the only way forward. Giving any area only to private sector is a disaster as they are only interested in making more profit. Eg. During the corona times, private operators shut the bus services as there were very less travellers and since it is not profitable fir them. So how do the needful people commute if there are no state bus services?
What an insightful conversation!!! Truly thought provoking... 👍👍👍
Why can't any government discuss and take advise and knowledge from such economic stalwarts like Prof. Basu.
Kaushik Sir, very nice arguments. However, the Indian political scenario is such that whichever government tries to sell a public sector entity/ organization, the opposition parties start misguiding and misleading people by saying things like, "your jobs will be at risk under private/ corporate ownership", "corporate houses will kick all of you out", "this government is ditched national interest in favor of private players" blah blah... The people also get misled, as general public is confused about how corporate houses run businesses. My opinion is, that a general study that compares the performance of public entities before and after they were privatized, should be conducted and published for the common people to see and dispel their doubts about privatization. Also, public sector entities should be brought out of the clutches of 'vultures' that the Indian politicians are. Through their absolute controlling and suffocating behaviour towards the public sector enterprises, they have only brought doom to them. Air India is the classic example - it was an award winning International airline in 1970s, when it was managed by JRD. However, government brought it under its direct control, and since then, the path has only been downhill for this airline, which used to be a great airline earlier, but now has been teetering on the verge of bankruptcy since past many years
That was some knowledge and the most elegant thing is he knows how to give a view point so that one can understand.
What I made of this policy simply buy RIL, it will touch 4000
And you will spend the same as things become more and more expensive. So net, net you will still be the loser.
People like him want India to be poor forever..
I fail to understand, why the government should leave welfare and support the greed of private sector.
The main problem with this govt is its blind belief that privatisation is the only way forward. Giving any area only to private sector is a disaster as they are only interested in making more profit. Eg. During the corona times, private operators shut the bus services as there were very less travellers and since it is not profitable fir them. So how do the needful people commute if there are no state bus services?
Good debate. High quality & balanced.
Selling of psu was always an Idea for government but it was heavily politisied making it impossible to execute
IT IS ALWAYS EASIER SAID THAN DONE
100% agree
I Hope & pray to God to save India & its economy and concentrate on global warming and warning that we receive,
Very well explained! Kaushik Basu proudly the best person who has given a vivid explanation to the whole concept.Thank you Sir
He is very right -- One of the best auction methods we had in the UPA govt which was the 2G auction -- Everyone remembers that -- Next was the Coal auction - I do not know CWG was also done through best auction using Best Economics tools -- The trouble started only after May 2014 when these Economic experts had to leave even after adopting great world's best economic tools - India lost huge economic talent on May 2014. Otherwise, we should have had series of the best auctions even after 2014 like that of the 2G auction and Coal auction CWG, etc..
No lease, no selling and no development perfect communist ideals by a left Bengali
Were we watching the same video? I though Basu was very clear in his support for complete privatization (sale) of some assets using auction as a mechanism.
If we extrapolate our past experiences of all the masterstrokes already been played, we will find ourselves in the very thick soup in the imminent future..
Lol
"The Government has no business in Business" is against the advice of Kautilya. Kautilya suggested mainly a public sector based economy. The USA is a Private sector based economy and it has huge balance of trade deficits, huge unemployment, huge number of homeless people, no security of employment and life. Is the kind of economy we want? The Government should take referendum on these issues.
The property being put on lease is not FM’s family property.. so why will she be concerned.. for government officials the government property should be more dear than their own private property.. but alas!! It’s very rare to find such officials
Monetization is need of an Hour as Modi is preparing New India to compete with Afghanistan. Bangladesh is ahead of New India after Demonetisation.navn.
Very well conducted 👍
The fear about monopolisation is rightly said.
But suggesting that govt just sell the assets is a very risky thing to do, that Mr Kaushik should understand. And also the theory that selling will be better than leasing is not really backed by any facts.
Also the fact that he is suggesting about maintaining govt regulations over the assets. I mean yeah sure, the govt tried to do that during sale of Air India, but it miserably failed as no single pvt player came out to be interested in the bidding process.
This can only be truly experienced once this goes live, people reaction after using this service is the way going forward
Prof Basu very articulative description , How to do ? What to do? very inciteful with similar ways carried out in past across the World and outcome....GOI to rethink current MEA has to be schooled along with NITI ayog babus
very very informative
Very good points by Prof Basu.Good interview Sanket
Another masterstroke
1:57 anchor reaction when he hears thing he already knows 😁
I didn't expect such a learned gentleman to claim that the USA has good regulation. It used to, once, until private players corrupted the establishment to loosen regulations over the last 20 years. Which is completely what will happen to India as well. He speaks of workers' rights, but labor regulations are terrible in the US.
Puri duniya to best bta rhi hai. Kaha se late ho paid panalist RNDTV 😂😂
First of all the most obvious question which any educated person will ask, leave alone an economist, is why were these national infrastructures un- utilised.
Secondly, if such huge and costly infrastructures of national importance were lying un-utilised , it only means a huge part of the national budget allocation was being wasted for years at the expense of public money. Surely it is the heads of departments and the Budget Commitee who have allocated huge sums of public money towards un-utilised infrastructures and so they are responsible for the wastage of huge amount of public money and so should be questioned by an independent commitee and if required be prosecuted. Thirdly, which private entity will be interested in investing in infrastructure which is lying un-utilised and so definitely unprofitable and above all the huge amount of resources required to bring these infrastructures to operational conditions after years of neglect and lying idle. Most of these infrastructures may also have accrued huge amounts of debt which may have been required for meeting operational costs.
Therefore taking all these facts into account, monetising under-utilised infrastructures is definitely not going to be profitable and so not viable.
You need to know what is meant by un-utilised or under utilised.
Very insightful...
The problem is that the Oppn is saying that Govt is selling off the country whereas Mr Basu is suggesting strategic sales of the assets instead of leasing..This is where media needs to have balanced views and hold Oppn also responsible for their comments and not support them blindly because of personal biases.
Please note that this is just one Economists perspective. There are other economist's who would agree with the government. Obviously the journalist is not trained to have a proper probing. Russia is just one country but there are other capitalist countries to look at. Wish there was governments reasons argued to give a balanced view for better understanding. With respect to Prof. Basu, this was inadequate but enough to please Congress side of politics.
To understand asset striping , all u have to do is Study what the Tata's did with VSNL
What he basically saying is LET THEM ASSETS LIE IDLE,AND DO NOTHING WITB IT......what a no sense lecture.
@kaushikbasu @sanket great value for your thoughts. the govt wants to rush ideas without testing and generating failure implementation models. the big players will bid and sublease to their close frienda who have no experience. the banks will bleed again. we need efficient business leadership models and not creating monopolistic distress models. once again the FM points out the model emanating from congress new delhi station and mumbai pune expressway monetsation model. so the govt has again proved that they have no original idea and they copy from earlier govts but prove their incompetence in implementation.
Can someone clarify, I heard him say 25-years but isn't the policy for 4 years of lease?
Maybe its 4 years to begin with, then maximum upto 25 years. But once it is given for 4, high chance it goes for the entire 25.
@Ramesh Nagmoti thanks
Why all these bright minds teach in foreign countries… are there no universities in India…
1.they can't express free opinions government interfere too much
2. After that hard work they expect a good quality life (which is not available here)
3. They expect good salaries (while modiji is busy in advertising)
4. No comparable infrastructure as available in US
This list can go on .....................
@@nabeelhasan6593 1. Govt doesn't interfere what an economist teach in his class.
2. With the money they have, they can live rich life anywhere in the world.
3. Earning dollars doesn't equate to greater income, there is something called cost of living.
4. Agreed.
@@support_mage nah I don't think anyone will bother economics. With regards to history, well if there is any distort in the current version, it need to be rectified. I would rather have a hurting truth of history than a distorted one.
@@support_mage That's the point buddy, they don't get paid well over there but you have fame(well you know the craze of foreign universities here) so they can appear in debate shows and write columns in newspapers which will pay more if you work in abroad than if you work here.
Do you feel they live on salaries? They invest in business.
@@Ravikumar-op1fw what's the use of teaching in India anyway. The bright students will leave because there simply isn't enough opportunity over here to spread their wings freely. Yes the government will interfere if they criticise its policies. And they don't get paid well overseas? 😂😂
Superb analysis. Roll back, use auction route. Great. We have a sincere lady as our FM. A PM who lacks patience and foresight. A bankrupt Government. Whatever happened to the MRTP Act?
PM Modi & Amit Shah takes such decison in personal interest only.
GLASS HALF FILLED vs GLASS HALF EMPTY -- These so-called experts can argue any which way -- we have heard this for the last 30 years of the TV News explosion. BRAHASPATHI and SHUKRACHARYA always argue and both arguments look legitimate
It looks like earlier economic package policy ie. Atmanirbar as announced during phase 2 Covid is being fulfilled by the present National Asset Monetization upcoming policy ?
Very Well articulated
What an excellent discussion!!!! The damage done to Indian economy, as a whole, under this irresponsible, dimwitted govt, is going to haunt all future govts. Pathetic policies, inefficient implementation and disastrous consequences!!!!!
Yes Kaushik Basu is a learned economomist, but they 'the power that be' don't think so!!!
In simple, all government assets will be sold to preferred private players who in turn give kickbacks to party funds/Party individuals.
Very Insightful 👌👍
This is why NDTv is best. Proffsional news channel against Godi media.
It was a pleasure meeting you at the Sukhna Lake Mr Basu.
Very nicely explained
Does our union finance minister have a degree in economics?????
Anyone who kws, kindly let me kw..
@Ramesh Nagmoti As per wikipedia she does. As per her reforms, it doesnt seem so. Already people are fed up of the taxes on petrol. Middle class people like me are do scared to even buy a vehicle on our own. Now with other public sector, going on to private for "lease" only worsens the scenario. They will only loot the sector their profits snd that might help bigger cities like mumbai, delhi, but the smaller ones are only going to get affected more. Who gives for lease over such huge period??...
Govt should tell what is the current revenue from these assests rather than giving a projection of the money over 4yrs.
She should atleast have consulted senior economists like manmohan singh who is one of the finest economists we have today, irrespective of the party barriers.
I am not a congress supporter. But such decisions decide the future of the country and hence requires soo much of policy making than publicity. Atleast they should agree that our economy is in ruins. We pay taxes and again pay more on routine items like petrol in the name of tax increasing everyday.
Policies are making people like us bleeding with poverty and insecurity.
@Ramesh Nagmoti Let each political party put out their funding data and sources.
Let all political parties show who funds their elections.
Then we will know why govt is doing this and why we have a weak opposition.
Everything might not work for everyone. Nordic countries have most of the departments under state control while US has all privatized and both are rich countries.
Sir, it is most unfortunate for Indian democracy that the present government believes and forces people to admit that cabinet ministers are the most scholarly person in this regard. Whatever they are doing are the best option in front of the country without going through unbiased and critical analysis in the parliament. It cannot be considered as anything but irresponsible and irrational arrogance to impose crony capitalism with a fascist ambition of the government.
Spot on.... do genuine privatisation, and do it properly. This is handing over public assets to cronies - with no cost or risk to them.
Excellent
Wow, what an economist! I'm no expert, but I can say for sure that renting out an inhabited house is completely different from renting out a house that's lying vacant for ages. Again, I'm no expert but it would interesting to learn from the professor his views on idle assets, how to decrease their liability and how he does the books of companies with huge amounts of idle assets. Would he advice companies to sell-out their idle assets, how would it reflect in their books, how would it affect their valuation, how would it affect their ratings, how would it affect their ability to accrue funds/loans from the market.
This is nothing but proponents of socialism showing their hatred for capitalism, while they themselves are enjoying capitalism to the fullest.
BPCL is Idle asset ?
@@davelawson2564 Nope, it isn't, but why do you bring it up here?
Beautiful explanation of the plan of Monetization, will be disastrous.
Is any one listening?
Kaushik Basu said it’s better to sell those assets 🤔 . But Congress opposes India on Sale.
KB gives examples of Govt efficiency of Scandinavian countries. How much was the Govt under his UPA efficient?
He gives example of auctions which his UPA govt didn't do.
It's easy to criticize when you are in opposition
Now they say sud hav been sale..
If it was sold...
They wud hav say country sold... 😂😂😂
Govt should roll back this leasing things, identify liitle sellable assets or just take loan from IMF, world bank for infrastructure.
Man-ki-masti feat. Economic principles will be surpassed.
It's a better asset sale with no cheap exchange along political connections. Keeping in mind that Air India failed due to overpriced aligations.