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Economic Affairs Secretary Arvind Mayaram said private companies should not be bailed out by the Government in the event of their commercial failure. But, he added that the Government should take a hit, wherever regulatory commitments are not met.
“Bailing out private companies for their commercial failure is counterproductive,” Mayaram said. “Wherever it is a commercial failure, the private sector must take the hit. Wherever, there is a regulatory failure, the Government must take the hit. And we need to make a very clear distinction on that. Otherwise, it would again run into other kind of problems where the Government is continuously been accused of crony capitalism ...,” he said.
Citing the road and highway sector, Mayaram underscored the need for easier exit norms for private developers, and for having more maintenance and facility management companies.
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