Modi pitches for privatisation of non-strategic PSUs

Continuing with the government’s push for large-scale privatisation of public sector undertakings, Prime Minister Narendra Modi today said the step was in tune with “the mantra of monetise and modernise.” “The government has no business being in business. When the government monetises, the space is filled by the private sector. Private sector brings investment and best global practices with them,” he said while addressing a webinar on privatisation by the Department of Investment and Public Asset Management. Pointing out that the sale of PSUs along with production- linked scheme for manufacturing shows that the “sky is the limit” for both foreign investors and Indian entrepreneurs, he said PSUs in four strategic sectors will be kept at bare minimum while the government focuses on development projects and welfare of people.