UPSC Economy GS 3
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📍BOLT
💡 BOLT stands for Build, Own, Lease, Transfer. It is a non-traditional procurement method of project financing whereby a private or public sector client gives a concession to a private entity to build a facility, own the facility, lease the facility to the client, then at the end of the lease period transfer the ownership of the facility to the client.
💡 Advantages are that the private entity, contracted by the client, has the responsibility to raise the project finance during the construction period. Thus, it removes the burden of raising the finances for the project from the client (for example, public enterprise) and places it on the private entity. Thus, the BOLT developer assumes all the risk, the risk of raising the project financing and the risk during the construction period. The developer/owner leases it to the client to recover the cost and add profit. The operational and maintenance responsibility for facility is the developer's, as the facility is owned by them until the lease period ends.
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📍 GLOBALISATION
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💡 The official meaning of globalisation for the WTO is movement of the economies of the world towards “unrestricted cross border movements of goods and services, capital and the labour force”.
💡 It simply means that the economies who are signatories to the process of globalisation (i.e., signatories to the WTO) for them there will be nothing like foreign or indigenous goods and services, capital and labour.
💡 The world becoming a fat and level-playing field emerging in the due process of time.
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📍 PRIVATISATION
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💡 The policies through which the ‘roll back’ of the state was done included deregulation, privatisation and introduction of market reforms in public services.
💡 Privatisation at that time was used as a process under which the state assets were transferred to the private sector.
💡 During the period several connotations and meanings of the term ‘privatisation’ have developed.
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