Doing business is not the government’s job: PM Modi

Doing business is not the government’s job: PM Modi

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Doing business is not the government’s job: PM Modi

New Delhi: Prime Minister Narendra Modi on Wednesday strongly supported the privatization of non-strategic PSUs, saying “doing business is not the government’s job”. He said that his government is committed to privatizing government units in other areas except some public sector undertakings in strategic areas.

Prime Minister Modi said that running wasteful enterprises through taxpayers’ money wastes resources. These resources can be used on public welfare schemes. Modi said in a webinar organized on public sector companies that under-utilized or unused assets of public sector undertakings will be monetized. These include oil and gas and power sector assets. Their monetization will generate investment opportunities of Rs 2.5 lakh crore.

The Prime Minister said, “It is the duty of the government to support enterprises and companies. But it is not necessary that the government should own and run these companies. ”Modi further said that the private sector brings with it investment, global best practices, best managers, management changes and modernization. He said that the money that would come from the sale of stake in public sector undertakings would be used for public welfare schemes like water and sanitation, education and health.

Prime Minister Modi said that the government is committed to privatization of public sector undertakings in all sectors except four strategic sectors (nuclear power, space and defense, transport and telecommunications). He said that the government’s presence in them would be kept at a minimum level. He said that doing business is not the work of the government, government should focus on public welfare. He said that our goal is modernization and monetization.

The Prime Minister said that to speed up the process of disinvestment, the Empowered Group of Secretaries will work to resolve the issues of investors. He said that the government has to focus on development and whenever PSUs do business, there is a loss. He said that many public sector undertakings are in loss, many are being helped with taxpayers’ money. This money can be used in welfare schemes.

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