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Government has “no business to be in business”: PM Modi

New Delhi: Prime Minister Narendra Modi on Wednesday made a strong case for privatization of Public Sector Units that he said burdened the taxpayer, and stressed that the government has “no business to be in business”. He also emphasized that his government was working towards the mantra of “monetize or modernise” to benefit citizens.

“When a government engages in business, it leads to losses. The government is bound by rules and the lack of courage to take bold commercial decisions,” the Prime Minister said, addressing a Webinar on privatisation by the Department of Investment and Public Asset Management.

“It is government’s duty to support enterprises and businesses. But it is not essential that it should own and run enterprises.”

The PM said the centre’s policy was to either monetise or modernise state-run units and added that Budget 2021 had given a clear roadmap to take India to a high growth trajectory.

“Asset monetisation and privatisation decisions will help empower Indian citizens,” he said.

The government has many “underutilised and unutilised assets” and 100 such assets would be monetised to raise ₹ 2.5 lakh crore, he said, adding that the amount would be used for funding development projects.

“Fiscal support to sick PSUs puts a burden on the economy and public sector units should not be run just because of legacy,” the Prime Minister said, adding that many PSUs are loss-making and supported by taxpayers’ money.

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