You are here: Home » Economy & Policy » News
Business Standard

Disinvestment to increase PSUs' income, create jobs: MoS Finance Karad

He said public sector companies provide employment to 1.4 million people in the country.

Disinvestment | PSUs

Press Trust of India  |  Mumbai 

Divestment, privatisation, stake sale, disinvestment

The government plans to increase public sector undertakings' (PSUs) income and create employment through the process, Minister of State for Finance Bhagwat K Karad said on Friday.

He said public sector companies provide employment to 14 lakh (1.4 million) people in the country.

"doesn't mean that the companies are making losses, but the government has different plans to increase their income and to increase jobs," he said while addressing a virtual event organised by Dun & Bradstreet India.

He said the government has decided to garner around Rs 6 lakh crore by way of monetisation.

Last month, Finance Minister Nirmala Sitharaman had announced a Rs 6-lakh crore National Monetisation Pipeline (NMP) to unlock value in infrastructure assets across sectors ranging from power to road and railways.

The plan, designed by the NITI Aayog, intends to sell off/lease public sector assets worth Rs 6 lakh crore to private companies in four financial years between 2021-22 and 2024-25.

Speaking at the event, Ministry of Petroleum & Natural Gas Secretary Tarun Kapoor said have played an important role in the development of the country and will continue to do so.

"have provided employment. They have been creating wealth for the country and giving dividends to the shareholders," he said.

Kapoor said work as training ground for manpower.

Citing an example, he said Oil and Natural Gas Corp (ONGC) has been training people and some of them have left the PSU and joined the private sector.

"Private sector has grown because of the trained manpower coming in from PSUs," he said.

He said that since all PSUs deal with the public money, they have much more transparency compared to the private sector companies.

These entities also respond to public needs in a much better manner, he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, September 24 2021. 15:34 IST