New Delhi: The Government of India plans to monetize nearly 100 government-owned public sector units (PSUs), excepting four strategic sectors, as part of its ambitious monetization plan and collect Rs.2.5 trillion, Prime Minister Narendra Modi said.
Speaking about various reforms undertaken in the Union Budget, he said the government is going ahead with the mantra of “monetize and modernize.”
Addressing a webinar on privatization on Wednesday, under the auspices of the Department of Investment and Public Asset Management (DIPAM), Modi said the state-owned companies in four strategic sectors will be kept at bare minimum and that the government is committed to privatising PSUs in all sectors, except four strategic ones.
The PM also urged the people to send their feedback on the privatization and monetization initiatives for swift implementation of the plans.
Modi said the government is working on a national infrastructure pipeline (NIP) fund worth Rs. 111 trillion.
“The government has no business to be in business. When the government monetizes, that space is filled by private sector of the country. Private sector brings investment and best global practices with them,” he said.
The PM said that the public sector enterprises are loss-making and several of them need the support of public money. They should not be run merely because they were started many years ago and were someone’s pet project.
“The Budget has given a clear roadmap to take India to a high growth trajectory,” Modi added.
(VP)
