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Need to give the private sector an equal chance to develop: Modi

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Need to give the private sector an equal chance to develop: Modi

The Prime Minister said the government must honor the enthusiasm of the private sector and give it a level playing field in the new self-governing India campaign.

Days after Prime Minister Narendra Modi questioned whether IAS agents should run fertilizer factories or airlines, he told a Niti Aayog board meeting that the government had to honor the enthusiasm of the private sector. He said that with the goal of autonomy, every person and every institution has the opportunity to develop. His comments on the private sector come against the backdrop of the government’s ambitious goal of strategically selling several public sector units this year, including Air India, big oil company BPCL and some banks.

In the virtual meeting, which was attended by senior ministers and senior officials, Modi said the Union budget presented on February 1 evoked a positive response and added: We are also seeing how the country’s private sector is doing. present with more enthusiasm in this country development trip. As a government, we must also honor this enthusiasm, the energy of the private sector, and give it so many opportunities as part of the campaign for self-reliance in India.

The prime minister’s comments came days after Congress leader Rahul Gandhi accused the government of working on a Hum do, Hamare do policy that benefits a handful of industrialists but not the Indian people. Gandhi had accused Modi of promoting crony capitalism.

Modis’ speech on Saturday was intended to refute those accusations, as he said, Autonomous India is a step towards a new India where every person, every institution, every business has the opportunity to grow beyond its full capabilities.

In the Union budget, Finance Minister Nirmala Sitharaman set a divestment target of 1.75 lakh crore for exercises 21-22. In his budget speech, Sitharaman said: We have continued to work for strategic divestment. A number of transactions namely BPCL, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans, Neelachal Ispat Nigam Ltd, among others, would be concluded in 2021-2022.

Besides IDBI Bank, we are proposing to resume the privatization of two public sector banks and one general insurance company in 2021-2022, Sitharaman said.

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