“Government has no business to be in business” that was the clear and concise message from PM Modi as the govt batted aggressively for privatisation. Putting the focus back onto development PM Modi reiterated that being in businesses distracts the govt from its main goals.
With over 100 assets identified in its asset monetisation pipeline the Prime Minister reminded India Inc that the Rs 2.5 lakh crore that they are hoping to raise via divestment will be dedicated to development goals. PM Modi added that the government will be having public sector companies only in key strategic sectors and that too only minimum companies.
There were about 249 PSUs in 2018-19. Of these, 70 were loss-making, with combined losses to the tune of Rs 31,000 cr.