Narendra Modi said today that the government “has nothing to do with the business.”
New Delhi:
Prime Minister Narendra Modi said Wednesday that the government “has nothing to do with the business” and that his administration is committed to privatizing all but the least four strategic sectors of power supply.
“It is the government’s duty to support companies and businesses. But it is not essential that it owns and runs companies,” he said.
Prime Minister Modi also said that the Center’s policy is to monetize or modernize public sector companies, with the intention that the government “have nothing to do with the business.”
In a webinar on privatization conducted by the Department of Investment and Public Asset Management (DIPAM), Prime Minister Modi said that the budget has provided a clear roadmap to put India on a high growth trajectory.
Fiscal support for sick PSUs puts a strain on the economy and public sector units should not be run for legacy alone, the prime minister said, adding that many PSUs are loss-making and backed by taxpayer money.
The government has many underutilized and depreciated assets and 100 assets would be monetized for Rs 2.5 million lakh crore, Prime Minister Modi added.
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