Dr. Syama Prasad Mookerjee Research Foundation

PM’s address at the webinar on privatisation and asset monetisation

  • I had a detailed discussion with many of you colleagues ahead of the budget presentation. This budget has presented a clear roadmap to take India to a higher growth trajectory once again.
  • The budget also focuses on a strong private sector partnership in India’s development. The budget has enunciated the scope and targets of public-private partnership with clarity.
  • Disinvestment and asset monetization are an important aspect of this budget. Friends, When public sector enterprises were introduced in the country, the time was different and the needs of the country were also different.
  • There is always scope for improvement in the policies, which were right for the country 50-60 years ago.
  • Today, when we are carrying out these reforms, our biggest goal is to ensure proper use of the public money.
  • There are several loss-making public sector enterprises. Many of them have to be supported through tax payers’ money.
  • In a way, the money, which is the rightful due of the poor and the youth bubbling with aspirations, has to be put into the activities of these enterprises and as a result it puts a lot of burden on the economy also.
  • The public sector enterprises don’t have to be run just because they have been there for several years and were someone’s pet projects.
  • I can understand the need if public sector enterprises are meeting the needs of a particular sector or have strategic importance.
  • It is the responsibility of the government to give full support to the enterprises and businesses of the country, but it is not necessary and feasible in today’s era that the government should run the enterprises and continue to own it.
  • Therefore, I say the government has no business to be in business. The focus of the government should remain on the welfare and development projects of the people.
  • The maximum energy, resources and capacity of the government should be employed for welfare works. When the government starts doing business, it causes severe losses.
  • There are several hurdles before the government in the decision making process. The government lacks the courage to make commercial decisions.
  • Everyone is afraid of allegations and legal implications. That’s why there is a thinking that let it continue the way it is, because my responsibility is for a limited time.
  • Whosoever follows me, will take the call. Therefore, he does not take the decision and the status quo prevails.
  • You also know it very well that one can’t run a business with such an approach. There is another aspect to it which is when the government starts doing business the scope of its resources gets shrunk.
  • The government does not have a shortage of the finest officers, but they are basically trained to run the government administrations.
  • To ensure compliance of policies and rules, to emphasize the welfare of the people and to formulate necessary policies for them.