Assam- Dwindling Opposition

nies at the expense of the Exchequer.
It is only in the strange financial world of our public sector companies, where payment of dividend on equity capital is the exception rather than the rule, that equity appears as low-cost or even no-cast capital compared to loans. Clearly, in any comparison of the surpluses available from public sector enterprises to General Revenues in the coming years with earlier estimates of such surpluses, allowance would have to be made for the interest receipts forgone by the Exchequer through the conversion of loans into equity.