PSU reforms have failed, says Ramakrishna

Along with the strategic sale of shares, transfer of management of the PSU to the highest bidder 8212; foreign or domestic 8212; should have been taken up in the budget itself, Ramakrishna said at a meet organised by the PHD Chambers of Commerce and Industry PHDCCI. Ramakrishna said if the government had resorted to strategic sale of shares in the 105 loss-making PSUs, it wouldhave managed to generate interest of foreign investors and quot;Moody8217;s would have taken note of thisquot;.

He described the union budget as quot;inflationary and flip flop in naturequot;, as the advice of the industry was taken too seriously, a statement by PHDCCI said here.

The economy can grow at 6.5 per cent if the government takes quot;right decisionsquot; and takes reforms forward, Ramakrishna said. quot;The government did not prepare the economy to face the impact of sanctions,quot; he added.