Prime Minister Narendra Modi made a strong pitch for privatisation of public sector enterprises, asserting that the “government has no business to be in business”. In a webinar on privatisation organised by the Department of Investment and Public Asset Management, the prime minister was addressing industrialists on reforms proposed in the Union Budget.
“The times were different, as were the needs of the country, back when public sector enterprises were established,” he said. “The policies that were correct 50-60 years ago, always have scope for reforms.”
Pointing out that disinvestment and asset monetisation were key elements of the Budget, he said that several public sector undertakings in the country were facing losses and need public money to survive.
“In a way, funds that belong to the poor and the aspiring youth are required to be pumped behind these enterprises and they put a burden on the economy,” Modi said. “Public sector enterprises should not be…