Finance Minister Nirmala Sitharaman said, the government is not in a ‘mad rush’ to sell everything

She was speaking at the Raisina Dialogue, FM Nirmala Sitharaman said that the country will have government-owned professional companies in four broad strategic sectors.

In strategic sectors, a minimum presence of existing public sector commercial enterprises at the holding company level under government control will be maintained. remaining enterprises in a strategic sector will be considered for privatization or for merger with any other PSE or for closure.

As per the PSE policy, the four broad strategic sectors are nuclear power, space and defence; transport and telecommunications; electricity, petroleum, coal and other minerals; and banking, insurance and financial services.

“…not going insane to sell everything..nor saying the government will run the business of pinning crops for everything. So where the government should not be there, it will not be there. But where strategic interests require you to be there, it will be there, for example in telecom. There will be a telecom company which will be owned by the government and will be run professionally.” nirmala sitharaman,

Explaining the minimal presence of the government in those core areas, he said, “We mean those institutions which are large enough to run on their own steam, but if there are others which are too small or unstable or not scalable , If there is a possibility, we will try to merge them so that there is a bigger unit, a sustainable unit, a unit that can take care of its needs on its own.”

He said the government would merge them and form a single large entity that could survive there.

Sitharaman announced in the latest budget that the government will raise 51,000 crore by selling stake in various government companies in FY24. This is slightly higher than the current year ending March 31, 2023.

In the last budget, the government had intended to increase 65,000 crore through disinvestment, which was later revised 50,000 crores. Currently, the government is trying to work on privatization of several Central Public Sector Enterprises like IDBI Bank, Shipping Corporation of India, NMDC Steel, BEML, HLL Lifecare, Container Corporation of India and Vizag Steel.

The disinvestment process for these companies has already started and is at various stages, and is expected to be completed in the next financial year if the target of 51,000 crores to be received.

The government has missed its disinvestment target for the last four years.

On asset monetization, Sitharaman said it is being encouraged so that assets that are not generating revenue are used to generate income for the government or its entities.

Monetization does not mean selling or giving away assets free of cost, but a certain value assessed and put to productive use accordingly, she said, adding monetization of assets will continue.

Asked how confident he is of India’s sustainable growth, the finance minister said, “We have the right combination of things that matter for a growing economy – a middle class, a captive market with purchasing power.” , technology-driven public investment and products. and digital infrastructure.”

Besides, he said, India has a rule of law which ensures justice to its citizens and business, despite delays.

He said that India has been talking about how multilateral institutions need to be reformed and in the recent G20 meeting, India has discussed how multilateral development institutions should respond to meet the challenges of the 21st century. proposed to set up an expert panel on

On climate finance, the finance minister said there is a greater readiness to discuss the global south and their needs.

(With inputs from PTI)