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'There is no need for govt to be in business', PM Modi shares glimpse of privatisation plan

In his speech PM Modi said that government's every decision related to asset monetisation and privatisation will help empower citizens of the country.

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There was a different time when public sector enterprises were established & the needs were also different: PM Modi (Image Source: ANI)
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In a webinar on privatisation, Prime Minister Narendra Modi said on Wednesday that the central government is going ahead with the mantra of 'monetise' and 'modernise'. He also shared a glimpse of Centre's asset monetisation and privatisation plan.

In his speech PM Modi said that government's every decision related to asset monetisation and privatisation will help empower citizens of the country. "Many public sector enterprises are loss-making and several of them need the support of public money. It burdens the economy," he said.

Reiterating the need of privatisation in the country, Modi said, "Public sector enterprises should not be run because they were started many years ago and were someone's pet project."

There was a different time when public sector enterprises were established and the needs were also different. There is always scope to reform the policy which was good 50-60 years ago. Now when we are bringing reform, our aim is to optimally utilise public money, he further added.

Narendra Modi said that for Aatmnirbhar Bharat, work is going on in full swing on modern infrastructure and multi-modal connectivity. "We're working on Rs 111-trillion National Infrastructure Pipeline. There is a scope for the private sector to invest around Rs 25 trillion in this project," he added.

"I can understand the need of any public sector enterprise if it is fulfilling the needs of any sector and of any strategic importance. It is the responsibility of the govt to supply support country's enterprise and business but there is no need for govt to be in business," he added.

PM Modi said the amount collected from monetisation and divestment will be used for funding development projects.

This modernises other things and brings modernisation to the entire sector, rapid expansion of the sector and creation of new employment opportunities. It is important to monitor this to ensure that there is transparency in this process and rules are followed, he further mentioned.

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