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BIG STORY February 26, 2021 | The Indian Eye 4

post-pandemic economy

gOvt Out Of

Business

the narendra modi government is planning privatisation of state-run enterprises.

it hopes to free up resources for spending on welfare and development.

What is the true objective behind taking the government out of business?

Our Bureau

New Delhi

he Narendra Modi gov-
ernment has accelerated
Tthe privatisation process.
Prime Minister Narendra Modi
said on Wednesday that the
planned privatisation of state-
run enterprises will help free
up resources for spending on
welfare, development, empow-
er the citizens and create jobs
as he set a target of monetising
100 government-owned assets
across sectors worth Rs 2.5 lakh
crore.
Reiterating his strong back-
ing for privatisation and as-
set monetisation, the PM said
the reforms, which have been
launched, were aimed at ensur- Prime Minister Narendra Modi has given green light to major reforms in economy
ing that public money is spent
judiciously to benefit the poor, “It is the responsibility of “It is our government’s en- tell you this will continue in fu-
in what was seen as a response the government to support deavour to improve the living ture also,” said the PM.
to critics of the new policy un- and encourage businesses and standards of the people while “The mantra with which the
veiled in the Budget. enterprises but it is not neces- reducing the government’s un- government is moving ahead
“The money that belongs to sary for the government to run necessary inference in their is monetise and modernise.
the poor is used for such enter- businesses or own them. That is lives,” he said and emphasised When the government mon-
prises (PSUs). This puts a huge why I say the government has that there should neither be too etises, then that space is tak-
burden on the economy,” Modi no business to be in business,” little, nor too much of govern- en by the private sector,” said
told a webinar to draw up the Modi told the webinar attend- ment interference. Modi, adding that the private
roadmap for the implementa- ed by finance minister Nirmala Referring to the National sector brings investment, global
tion of Budget proposals on Sitharaman, investors, private Asset Monetisation pipeline, best practices, which modernis-
privatisation and asset moneti- sector executives and govern- the PM said there were sever- es and expands the sector and
sation. ment officials. “It is more im- al underutilised and unutilised opens up job opportunities. But
He said the government portant for the government to assets in the country. ”We have he also said that to ensure that
does not have to keep running focus on welfare and develop- a target of 100 assets from oil, this procedure is transparent
public sector enterprises just ment projects,” the PM said as gas, airport, power, which we and within rules, there is a need
because they have been run- he detailed shortcomings of the plan to monetise. This has the to monitor.
ning for decades or they were government’s direct involve- potential for investment oppor- Noting that the government
“pet projects of somebody”. ment in running businesses. tunities of Rs 2.5 trillion. I can Continued on next page... >>

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