Prime Minister Narendra Modi made his strongest argument for privatizing non-strategic PSUs on Wednesday, saying the government had “no business to do” and that maintaining units in deficit on taxpayer money depletes resources that might otherwise have been spent. public social protection schemes.
“ I fully agree with the Prime Minister’s statement yesterday ”
Reacting to this, top BJP leader and Rajya Sabha MP Dr Subramanian Swamy said on Thursday that he “fully agrees” with Prime Minister Modi’s statement. However, Dr Swamy, while stressing “an essential implication”, said that even “companies don’t have to be part of government and if they do, it is crony capitalism”.
I fully agree with the Prime Minister’s statement yesterday that the government has no reason to be in business. But there is one key implication: Business doesn’t have to be part of government. If they do, it’s crony capitalism
– Subramanian Swamy (@ Swamy39) 25 February 2021
PM Modi said on Wednesday that around 100 underutilized or unused assets with public sector units (PSUs), such as those in the oil and gas and power sectors, would be monetized, creating Rs 2.5 lakh of investment opportunities. “It is the government’s duty to support businesses and enterprises. But it is not essential that it owns and runs businesses,” the prime minister said during a webinar on the approach to privatization in the 2021-2022 budget.
‘Modernize & monetize is the motto we will follow’
The prime minister said his government was committed to privatizing all PSUs except four strategic sectors – atomic energy, space and defense; transport and telecommunications; electricity, petroleum, coal and other minerals; and banking, insurance and financial services, where the government will maintain a minimal presence.
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“The government has no reason to be in this area,” he said. “Modernize and monetize is the motto we will follow.” He also said that to speed up the divestment process, a group of empowered secretaries has been set up to deal with investor issues. Prime Minister Modi, who recently stressed the importance of the private sector in building the economy, said the budget for the fiscal year starting April 1 provided a clear roadmap for putting India back on track. a strong growth trajectory with an emphasis on the private sector. sector partnership.
In the recent budget session, Prime Minister Narendra Modi underlined the vital role of the private sector in the economy and argued that the culture of “abusing it” for votes is no longer acceptable. “While the public sector is important, the role of the private sector is also vital,” he said when responding to Lok Sabha to the discussion on the motion of thanks to the president’s speech.
PM Modi’s remarks won him praise from two of India’s most renowned industrialists – Mahindra Group Chairman Anand Mahindra and JSW Group Chairman and CEO Sajjan Jindal. Prime Minister Modi’s remarks are also seen as an appropriate response to the opposition which has repeatedly thrown the “crony-capitalism” jibe to the center. Congress called the budget announcements a “movement in support of crony capitalism.”
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(With PTI inputs)
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