The government is like the millstone that hurts PSUs. Its demand for dividends is unrelenting and the pressure on PSUs to go beyond their primary task to serve the fanciful projects of the government increases by the day. Diversification and consolidation based on their business logic are denied. Interference has reached a truly dysfunctional level that threatens to undermine the organisations of even worthy PSUs like NTPC and ISRO, says Sebastian Morris.
