PSUs and privatisation

There is problem that large sections of intelligentsia keep pushing for privatising public companies expecting that only scions of rich business lineage are equipped with inborn skills to bring in efficiency. That's resulting in farcical giving away of public property for ultimate liquidation. 

There is no denying that several PSUs had been unnecessarily created or have outlived reasons being in hands of govt. However there are corporations working in oil exploration, oil marketing, railways, airlines , mining, banks and shipping which act like counterbalances to private run off profiteering and need be in public hands. Most of PSU suffer not from lack of managerial skills but because of too much of political interference which has been increasing over time. That false superintendence needs complete removal. From bureaucracy to ministers and even their personal secretaries, everyone treats PSU as personal fiefdom to bully down and micro manage operations. Even scores of parliamentary committees and their members reserve rights to question day to day small decisions of PSUs. There is too much of external control which hinders fulfilling performance expectations. Corporate decision making in PSUs has been increasingly orphaned task leading to failed results. 

ONGC in 1999-2000 was declared on deathbed and was considered a lost case when Subir Raha was brought in as C&MD and given free hand to transform and rescue this key infrastructural public behemoth. Subir Raha, in next two years not just turned around ONGC into profit making efficient organisation but made it most valuable company in bourses among all public and private firms in 2004-05. The inertial momentum he pushed in lasted another decade and half. He bought gross loss making private company like Mangalore Refineries from Birlas and turned it around in one year. That was the pinnacle of his managerial competence.

Why can't govt, instead of selling these gems to private business houses on false hopes brings in reforms like complete deliverance from political interference and appointing of proven professionals to the boards with complete autonomy.