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PM Narendra Modi seeks to revive India's 'zombie factories.

shriram | 13th October 2014 | Latest News
PM Narendra Modi seeks to revive India's 'zombie factories.

    At British India Corporation's textile factory in northern India, four men sit in a control room watching computerised gauges eight hours a day.
The strange tale of British India Corporation is an example of how political patronage and India's strict labour laws keep publicly owned companies going long after they are insolvent.
PrimeMinister Narendra Modi, who campaigned in this year's general election on a promise of "minimum government, maximum governance.
Public Enterprises Anand Geete said last month that about two-thirds of 64 loss-making firms can be revived with more money.
The litmus test of whether Modi is a reformer is what he does with these companies, not what he does on allowing more foreign investment.
Since winning India's first parliamentary majority in three decades in May, Modi has not been as ambitious as his supporters would like in introducing policies many say are needed to revive an economy growing at its slowest rate in nearly a decade.
So far, there has been little movement to roll back the previous government's subsidy programmes or repeal a law allowing retroactive taxation that has alarmed global investors.


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