P ublic sector consultants are the professionals who assist the government agencies- local, state or union or any non-profit organization to accomplish their goals. Likely, the government consultants are experts in respective fields and they offer advice to the government agencies.
Initially, due to a lack of awareness, public and private sector consultants were considered the same. But then large differences in opinion were developed. Now it is observed that public-sector consultants are recruited more. The major reason being the knowledge and know-how they possess. Now, in an economy, government policies and norms change profusely. This affects every person and entity in some or other way. Also, the cut throat competition that snatches ones morsel draws the need to hire appropriate consultants to endure such conditions. Being from the public sectorial background, consultants have a good command over the requisite knowledge like those of government matters and legal compliances. This can help the companies to maximize their gains or minimize their losses. For instance, if the company through consultancy services, already analyzes the situation by anticipation, it will prosper or else the company might even topple down.
The public sector consultants have control over a large scale of work. Being the extension of government agencies, they have good connections with not only the national players, but have hands in support in the international departments too. They can guide the company through the international trading barriers so that the company alters its articles accordingly. This may indeed help the company expand itself in the international frontiers, hence creating opportunities globally.
Nowadays, many IT and technology companies are emerging. They look for consultation services. And apparently, it’s been found that they approach the public consultants apart from the private consultants. Also big ecosystems are gearing up. For sustaining such huge business models, they need a guide to orient them, in order to sustain on the right track. And public sector consultants are the perfect approachable solutions for them.
Let's take an example. The NBFCs of India due to many stringent government and economic norms are undergoing liquidity crisis. And this is alas instigating the investors to stay back from investing in their stocks. Demonetization, IL & FS fraud, etc. could be the factors. Companies like DHFL, L & T FINANCE are some of the many victims of this situation.
Whereas, companies like Bajaj Finance & Bajaj finserv are growing prosperously. Their stocks are already trading at a lifetime high now. And the reason is that the Bajaj group already identified the threat post demonetization. It indeed tried to convert this drawback into an opportunity by giving loans on EMI basis, etc. And now according to a report, the NPAs of BAJAJ FINANCE is much low than that of other NBFCs.
Thereby, it is always considered wise to hire a public or government consultant over the others to prevent the entity itself from the losses. Somehow minimizing such lossesthrough appropriate consultancies can help sustain the local as well as global competition.