PM Modi pitches for privatisation, says money earned will be used for people's welfare

New Delhi: Prime Minister Narendra Modi made a strong pitch for privatisation, saying the Central Government will push ahead with plans to "monetise" and "modernise" the assets of the country.

In a webinar on privatisation, Mr Modi announced the Centre's asset monetisation and privatisation plan.

Public sector enterprises which do not occupy a position of strategic importance should not be kept functional, the Prime Minister stated.

He said that many public sector enterprises are loss-making and several of them need the support of public money.

"It burdens the economy," he aded.

"It is government's duty to support enterprises and businesses. But it is not essential that it should own and run enterprises," Mr Modi said.

Reiterating the need of privatisation in the country, he said, the push behind privatisation would lead to less governmental interference in people’s lives.

Stressing his vision of "minimum government, maximum governance", he said, the private sector brings in investment, global best practices, top-quality managers, changes in management and modernisation.

Mr Modi said his government is committed to privatising all PSUs barring four strategic sectors — atomic energy, space and defence; transport and telecommunications; power, petroleum, coal and other minerals; and banking, insurance and financial services, where the government will retain a bare minimum presence.