As much as Rs 1.75 lakh crore is being targeted from the sale of government stake in firms such as India’s second-biggest oil firm BPCL, national carrier Air India, largest shipping line Shipping Corporation of India Ltd, helicopter services company Pawan Hans, IDBI Bank and Container Corporation of India in the next fiscal year beginning April 1.
This, along with an initial public offering of Life Insurance Corporation (LIC) and sale of two public sector banks and one general insurance company, will be the largest disinvestment drive ever.
The government has already received “multiple expressions of interest” for privatisation of Air India, BPCL and Pawan Hans.
The Prime Minister further said the current reforms seek to ensure that public funds are used efficiently.
Stating that PSUs are valuable assets that have helped the country in the past and have huge potential in future, he said best global practices for proper price discovery and stakeholder mapping will be followed for the privatisation drive.
“Implementation is also important. To ensure transparency and competition, our processes should be right.
“To ensure this, a clear roadmap for proper price discovery and stakeholder mapping has to be followed. We will have to learn from the best global practices. We will have to see that the decision that is being taken helps in the growth of that sector along with public welfare,” he said.
Modi, who has in recent speeches underscored the importance of the private sector in building the economy, said the Budget for the fiscal year beginning April 1 has provided a clear roadmap for putting India on a high-growth trajectory again with a focus on private sector partnership.
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