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Public Sector Asset Management Has Changed: Finance Minister

Public Sector Asset Management Has Changed: Finance Minister

The government has no plans to shut down any unit, Nirmala Sitharaman said.
The country’s public asset operation system has changed as the government lately introduced a direct change in public means, Finance and Business Affairs Minister Nirmala Sitharaman said in Bengaluru on Friday. She was opening a conference on” Creating wealth through requests”, as part of the Azadi Ka Amrit Mahotsav organized in 75 metropolises across the country, at IISc then.

The nature of public sector asset operation has changed since the 2021 Budget introduced a directive that the private sector will be allowed in all sectors except the four crucial areas/ strategies, she added.
“ This has created a lot of excitement in the private sector and as a result we’ve seen businesses crop in the defense and nuclear power sector. This has encouraged private investors, the Minister noted.

Originally, much of the investment was centered on land, government- run and long- term systems that included setting up large heads or power shops. It was delicate to invest in these areas in private companies in those days. But moment, effects have changed and the country now has independent investors who can invest and run their businesses successfully, according to Ms. Sitharaman.

Still she emphasized that the government had no plans to suspend any of its members. “ Not to close the unit, but to run it professionally and profitably. We want to ameliorate the performance of our units to contribute to profitable growth. I want to exclude the sword assiduity, reduce product costs, increase productivity and bring in further profit.” According to her, DIPAM( Department of Investment and Public Asset Management) is working to classify AAA’s limited state- possessed enterprises and classify them as trading stocks, through the bond request route. The Bharat Bond ETF presently accounts for 84 of the public ETF request aggregate with lower manageable means worth further than Rs 53,000 crore.

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