The Modi government is continuously moving forward on its disinvestment program. Addressing the annual meeting of the Confederation of Indian Industries-CII, Finance Minister Nirmala Sitharaman also confirmed the privatization of government companies.
‘Will take every necessary step for economic growth’
Finance Minister Nirmala Sitharaman has assured the industrialists of the country that the government is ready to take all necessary steps to accelerate economic growth. Nirmala Sitharaman said this while addressing the annual meeting of CII on Thursday.
He said that even in the Covid period, the Modi government has continued the reform programs. Whatever was right was done to move the economy forward and in this sequence many laws were changed.
Agricultural laws came, amendments were made in factory, labour, arbitration, insolvency laws. The retrospective tax was abolished. Apart from this, he also talked about the steps taken for the privatization of government general insurance companies and other government companies.
Nirmala Sitharaman said this on privatization
Regarding the government’s privatization program, Finance Minister Nirmala Sitharaman said that the government wants to promote the private sector. That’s why she has also come up with a policy for Public Public Sector Undertakings (PSUs). According to the news of PTI, Nirmala Sitharaman said that the government is committed to its disinvestment programme. It is going ahead with the disinvestment of government companies announced in the budget.
‘These government companies will be private’
In her address, Nirmala Sitharaman said, ‘The government is firm about its disinvestment programme. On Wednesday, Tuhin Kant Pandey, Secretary of DIPAM, while addressing the CII meeting, openly named the companies to be made private. He said that there will be disinvestment of Air India, Bharat Petroleum, and Concor. I say all these will be disinvested. And will insist that all these should be disinvested this year.
‘Air India, Bharat Petroleum to be private this year’
Addressing the CII meeting on Wednesday, DIPAM Secretary Tuhin Kant Pandey had said that Air India, BharatPetroleum (BPCL) will be privatized this year. Whereas Shipping Corporation of India (SCI), Bharat Earth Movers Private Ltd. (BEML), Pawan Hans and Neelachal Ispat Nigam Ltd have shown interest by the bidders for privatization.
The government has set a target of raising Rs 1.75 lakh crore from disinvestment in this year’s budget. This includes selling stakes in two government banks and LIC. The government is moving forward with LIC’s IPO.