February 7, 2021
1 min read

Govt disinvestment policy not like selling family silver, says FM

Speaking at an event here, Sitharaman said that the government’s focus is to strengthen the public sector undertakings (PSU) and make sure they professionally run themselves….reports Asian Lite News

https://www.youtube.com/watch?v=FxKC2nV0hsQ

Union Finance Minister Nirmala Sitharaman on Sunday said the government’s latest disinvestment policy including the proposal to privatise two state-run banks is not akin to “selling the family silver” as alleged by the opposition.

Speaking at an event here, Sitharaman said that the government’s focus is to strengthen the public sector undertakings (PSU) and make sure they professionally run themselves.

“It should be looked at with the correct perspective. It is not as the opposition says as ‘selling the family silver’. Family silver should be strengthened. It should be your strength,” she said.

On the banking sector, she noted that for the growth of the Indian economy, the country requires at least 20 banks of the size of the State Bank of India (SBI).

She reiterated that the government would have bare minimum presence in the strategic sectors where it is very important for the government to stay.

The Finance Minister who presented her third Budget on February 1 noted that the strategic sectors will not remain totally under the government’s domain and private players too will be allowed in the sectors.

Presenting the Union Budget for FY21-22, Sitharaman had proposed that two public sector banks (PSB) would be up for strategic disinvestment in the next fiscal along with IDBI Bank. One state-run general insurance company will also be privatised in the coming fiscal.

Also read:‘Business confidence improves in India’

Previous Story

Adani buys 23.5% stake in Mumbai Airport

Next Story

1st Test Day 3: Pant leads India’s fightback

Latest from Business

Microsoft Cuts Deep

The fresh job cuts come less than two months after Microsoft announced it was laying off more than 6,000 employees…reports Asian Lite News Microsoft is set to cut around 9,000 jobs —

Northeast Is Growth Engine

Scindia also provided updates on the government’s efforts to facilitate the entry of SpaceX’s Starlink service into India. “All due diligence from the Ministry’s side is complete Union Minister for Communications and

India to Empower Global South

India is emerging as a pivotal force in the global transition to clean energy, with Union Minister for New and Renewable Energy, Pralhad Joshi, asserting that the country is empowering the Global

Maruti’s Global Push Breaks Record

June shipments hit 37,842 units, signalling robust global demand Maruti Suzuki India recorded its highest-ever monthly exports in June, shipping 37,842 units and marking a new milestone that highlights the company’s expanding

India Bats for Fairer Global Finance: FM Sitharaman

FM Sitharaman stated that we believe that optimal regulation fosters innovation and stability….reports Asian Lite News India supports reforms to the international financial architecture to enhance inclusivity and equity, including Multilateral Development
Go toTop