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New Lease of Life for Industries
The much heralded — and indeed expected — industrial take-off due lo liberalisation ol industrial policy has never come about. Nor is there any sign that it will do so tn the near future But the overriding government compulsion for bribing about an economic miracle is only much too understandable So the emphasis on bringing the existing industrial establishments in order makes sense However, the move to detect the industrial malaise had not been well directed in the past and naturally the necessary cure for it has also remained illusory
This time, the government is seriously considering the establishment of an institution similar to the one India floated in 1985 under the name. Board of Industrial and Financial Reconstruction. The now-familiar epithet sick for industry has however not always been conceived with the clarity it should have been; sometimes it has been misplaced and other times deliberately used to create more confusion over the haze that has already been surrounding the whole economic spectre. It is therefore necessary to be clear about what makes an industry a truly sick one
To our mind, sick industries are those that have simply failed to achieve their stated or conceived objectives. Now that industries in droves fail to Kick sends a very disturbing signal through the length and breadth of a country. That precisely has happened in our case. It is not that one or two things going awry can frustrate the industrial aspiration of a country, several — indeed a whole lot of — vital aspects seem to have been made to work in the reverse. Genuine entrepreneurs have been pushed to the corner, op the one hand, and pursuance of wrong policies, on the other, have let down our industrial aims.
Thal industries becoming sick is mostly our own doing should be admitted in the first place to keep the record straight. Then the sincere investigation to look for the viable and non-vlable industries can reveal the true picture of the industry sector. That industries in different sectors should have different problems is understandable but it is less so when one comes to recognise the industries en masse going bust — and so suddenly. But still this can happen, say. with the change in technology. But we are not unfortunately told so. What we however understand is that there are indeed some foul play and pressures and pulls from within and outside.
Those are the issues the proposed institution must take into serious consideration. The cases of mismanagement, embezzlement and other foul plays have to be dealt with with the severity they deserve. Top-heavy management and over-staff have also stood in the way of making industries viable. The measure to cure the malaise, although somewhat painful, has nevertheless to be taken to save the industries concerned. Where airmeasures to salvage an industry appears to be doomed in failure, the question of any concession does not simply arise. Such industries must not exist.
As for the Industries that still stand a chance of revival should however be given the maximum benefits of the new initiative But at the same time, it should be ensured that Industries are not declared sick only with the alm of tax evasion and deriving some other benefits in the process There are financial institutions who have failed to monitor and give early warning of the debacle in the industrial sector. The proposed institution, we sincerely hope, will efficiently do that Job. The question of bailing out the industrialists should be strictly conditioned with the possibility of their coming round In that task, we hope.- the institution will leave its unstinted mark and the country s industrialisation will receive a new lease of life