Centre plans to privatise PSUs in all sectors barring 4 strategic ones: PM Modi

Prime Minister Narendra Modi on Wednesday said that the motto of his government is to "monetise and modernise", reiterating the government's commitment towards privatisation of PSUs and asset monetisation.

The government has an ambitious plan to monetise around 100 government-owned assets as part of the monetisation plan, said Prime Minister Narendra Modi when he spoke about various reforms undertaken in the Union Budget.

"With this the government will be aiming to achieve Rs 2.5 trillion investment, we are going ahead with the mantra of monetise and modernise," Modi said.

Speaking at a webinar on privatisation by the Department of Investment and Public Asset Management (DIPAM), Modi said state-owned companies in four strategic sectors will be kept at bare minimum and that the government is committed to privatising PSUs in all sectors barring four strategic ones.

Further, Modi urged for feedback on the privatisation and monetisation initiative for swift implementation.

Outlining the government focus going forward, Modi said that the government is working on Rs 111 trillion national infrastructure pipeline (NIP) fund.

"The government has no business to be in business. When government monetises, that space is filled by private sector of the country. Private sector brings investment and best global practices with them," he said.

Modi said that the public sector enterprises are loss-making and several of them need the support of public money and that they should not be run because they were started many years ago and were someone's pet project.

"The Budget has given a clear roadmap to take India to a high growth trajectory," Modi said.

(With inputs from agencies)