Prime Minister Narendra Modi on Wednesday said the government has no business to be in business and his administration is committed to privatising all PSUs barring the bare minimum in four strategic sectors. "It is government's duty to support enterprises and businesses. But it is not essential that it should own and run enterprises," he said.
Modi also said the Centre's policy is to either monetise or modernise public sector enterprises, with the intent that the government has "no business to be in business".
Speaking at a webinar on privatisation by the Department of Investment and Public Asset Management (DIPAM), Modi said the Budget has given a clear roadmap to take India to a high growth trajectory.
Fiscal support to sick PSUs puts burden on the economy and public sector units should not be run just because of legacy, the Prime Minister said, adding many PSUs are loss-making and supported by taxpayers' money.
The government has many underutilised and untilised assets and 100 assets would be monetised to garner Rs 2.5 lakh crore, Modi added.
Modi also said the Centre's policy is to either monetise or modernise public sector enterprises, with the intent that the government has "no business to be in business".
Speaking at a webinar on privatisation by the Department of Investment and Public Asset Management (DIPAM), Modi said the Budget has given a clear roadmap to take India to a high growth trajectory.
Fiscal support to sick PSUs puts burden on the economy and public sector units should not be run just because of legacy, the Prime Minister said, adding many PSUs are loss-making and supported by taxpayers' money.
The government has many underutilised and untilised assets and 100 assets would be monetised to garner Rs 2.5 lakh crore, Modi added.
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14 Comments on this Story
 | nandini devyani2 minutes ago what our p.m said is absolutely correct. government shouldn't be in business to run business. all these years sick PSU's are being funded from tax payers money and it is better to privatize but employees need to be absorbed by new employer so that every thing goes smoothly |
| Umesh Valecha3 minutes ago I LIKE It |
| adiaki4 minutes ago Rightly said by our beloved prime minister. government has no right to be in business. Itâ s duty is only like a WATCH DOG ie) looking after the internal and external security of the country. |