'Monetise & modernise' is our motto: PM on disinvestment

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SME Times News Bureau | 24 Feb, 2021
Reiterating the government's commitment towards privatisation of PSUs and asset monetisation, Prime Minister Narendra Modi on Wednesday said that the motto of his government is to "monetise and modernise".

Addressing a webinar on the Budget announcements for Department of Investment and Public Asset Management (DIPAM), the Prime Minister asked the private sector to come in support of the government's initiatives proposed in the Budget and help it prepare the roadmap for accelerated growth.

Emphasising on the role of private sector, he said that the Budget also focused on the strong partnership between the private players and the Centre.

"When the government monetises, private sector comes in, along with investment and best global practices," he said.

The funds mobilised through asset monetisation and disinvestment will be used for public welfare measures, he said. He added the Budget has targeted monetising 100 government assets, which would create investment opportunities worth Rs 2.5 lakh crore.

Modi further said that the new policy will go a step ahead from annual disinvestment target and will take a medium-term strategic approach and help in selection of individual companies. This will create a clear roadmap for investment, as per the Prime Minister.

Observing that the government's role is to encourage business enterprises and not to become its owner, he said: "The government has no business to be in business."

He said that the government has to focus on development projects and welfare of the people and should be away from businesses.

The Prime Minister's address comes at a time when the government has re-strategised its disinvestment and asset monetisation policies with clear focus on privatisation.

Modi said that the Budget for FY22 has outlined a clear roadmap for India to move on the "high growth trajectory".

His emphasis on the privatisation policy also gains significance as the renewed push for disinvestment and asset monetisation has received criticism from the opposition who have termed the move as "selling the family silver".