Addressing a webinar on privatization, Prime Minister Narendra Modi today said that several of the Indian Government’s Public Sector Undertakings (PSUs) are unprofitable or liabilities; since many of these undertakings are supported using the taxpayers’ money, strategic disinvestment is going to be the correct course of action for the Government.
He said that the fiscal support the Government provides these unprofitable companies has been severely burdening the economy and the ownerships in these companies have been maintained just because of legacy which is not practical.
Supporting the major divestments the Government of India has started, he said that the administration and the government should have no role in business as their primary goal is the welfare of people.
Briefly touching upon the Government’s strategy the Prime Minister mentioned how India has nearly 100 under-utilized and unutilized assets which now they seek to monetize. This privatization, he says, would be able to garner around Rs 2.5 lakh crore, all of which would be used for the welfare of the public.
According to him, the Government will be now turn its focus towards modernization and monetization which will create more jobs and increase the government’s efficiency. Under this plan, the Government will be making divestments in all but 4 strategically chosen sectors. The public ownership in these 4 sectors will be kept at a bare minimum.
Outlining the big scheme PM Modi said, “we are working on a Rs 111 lakh crore National Infrastructure Pipeline, by which India will become one market, one tax system.”
