NOTES 67 One of the high priests of Indian monopolies, J R D Tata, has taken the initiative in submitting a detailed memorandum to the Government of India in which he demands the scrapping of all controls over monopoly houses and complete freedom for the big houses to expand. Regarding licensing, the memorandum demands the abolition of sanctioning of licences by bodies like the Monopoly Commission and the Ministry of Company Affairs, once the licence is processed by the Ministry directly concerned. In the field of 'joint sector' projects, the Tata memorandum welcomes the government's scheme and states that government or public sector institutions' share of equity should not exceed 51 per cent, whereas "the day-to day management should remain in the hands of the private sector partner". In other words, the big monopolists' demand that the state provide the financial resources and infrastructure for the private sector to utilise and invest according to their interests. This stand follows logically from the repeated statements of Ministers like C Subramaniam and Mohan Kumaramangalam who have been harping on the new magic of 'joint sector' and the need to associate private entrepreneurial expertise with public sector projects. Actually, the demand of the Indian monopolists stems from the profitable experience of foreign monopolists. The Indian Government have already 'joint sector5 projects with foreign capital where Government holds equity shares but the management rights are held by the foreign partner. Not to be left behind, Indian monopolists are also demanding similar terms. In the case of many big projects involving foreign capital, the Government of India have abdicated their power to control or exercise management rights. The glaring examples are the refineries in Madras and Cochin, Oil India operations in Assam and the lubricating oil plant in Bombay. As reported in The Times of India (September 2, 1972), In all these the Government shares the equity with foreign collaboration and has ceded management rights to them either on a contract basis or by allowing them to nominate key executives. This pattern has worked reasonably well, prompting the plea made by Mr Tata that day-to-day management should be left to private enterpreneurs associated with the joint project concerned. Tata's demands are being faithfully imbibed and implemented by their political counterparts in Government. For instance, G Subramaniam, Minister of Industrial Development told The Economic Times (August 24,1972) thus: In some of the large projects they (state corporations) were trying to seek the assistance of private enterpreneurs. This form of assistance was being sought not only in terms of holding minority share capital in new companies by the big industrial houses but by way of giving them management rights for a specified or an indefinite period,