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opening up of Indian economy in 1991 has injected tremendous competition among business enterprises. The expectations from business as a whole ,including from those of public sector, have changed. In today's knowledge-driven economy, the key source of real competitive advantage is the people of the organization. Therefore, in this challenging situation, while measuring the performance of an organization, it is imperative to assess the performance of that resource in which the real strength of the organization lies. This paper evaluates the position and performance of human resources of National Thermal Power Corporation (NTPC) Limited with the help of its human resource accounting information both during the pre- and post-liberalization periods and makes a comparison between them. The study reveals that the company achieved a very high profile in the performance of its human organization in the post-liberalization period, combating efficiently, in the process, all the obstacles that emanated as a result of liberalization, globalization, and competitiveness.
The economic liberalization measures were announced by the Government of India (GOI) in July 1991 to overcome the severe financial crisis which the country faced in the early 1990s. In 1990-91, the gross deficit of the central government reached 8.4 percent of the GDP and the actual rate of inflation peaked at 17 percent. External debt went up from 12 percent of GDP in 1980-81 to 23 percent in 1990-91. Debt service burden rose to 22 percent of current account receipts in 1990-91 (Ganesh, 2001, p. 18). These adverse effects increased the country's dependence on the international funding agencies and also forced the GOI to initiate economic liberalization policies.
Public sector in India played its role very effectively as envisaged by the policy planners. However, with the change in the economic scenario, the expectations from the business as a whole, including from those of public sector, have changed. There has been a greater emphasis on the financial performance. Today's economic systems are getting global. |
