We curbed misuse of PSU-owned resources by political class: PM Modi

PM Modi on Republic: Ahead of the fourth phase of polling for the Lok Sabha Elections 2024, Prime Minister Narendra Modi reiterated his commitment to curb political misuse of Public Sector Undertaking (PSU) resources and any form of corporate corruption in the government enterprises. 

In an exclusive conversation with Republic Media Network's Editor-in-Chief Arnab Goswami, Prime Minister Narendra Modi cited his intolerance for political misuse of PSU resources. 

Citing the Comptroller and Auditor General's (CAG) 2014 report on PSUs, PM Modi told Goswami that according to the report, 68 government companies had been rendered defunct due to severe mismanagement over the past 60 years by previous governments.

"When I assumed office, one of my initial actions was to instruct government companies and banks to completely eliminate any form of political interference in their operations.” 

While acknowledging the value of political intervention for the exchange of new and innovative ideas, Prime Minister Modi staunchly opposed the intrusion of the political class in the functioning of PSU operations.

Sharing the example of political exploitation of PSU resources, Prime Minister Modi stated, "The political class used to acquire new mobile phones from the government, in addition to three other phones from the three PSU departments they were overseeing. Ministers received cars from the government, yet they also possessed a car each from every PSU department for their family members' use. I felt that this practice needed to cease."

"I conveyed to the public undertakings that their commitment should lie with the shareholders, focusing on prioritising their interests is paramount. Shareholders will reap benefits only through the company's progression."

Sharing the statistics of difference in PSU’s performance, PM Modi said, “ “In 2014, the gross revenue of the Public Sector Undertaking (PSUs) was Rs 20 lakh crore and today it stands at Rs 38 lakh crore, nearly doubling in the last 10 years. The net worth of government companies in 2014 was worth Rs 9 lakh crore and today they are worth more than Rs 80 lakh crore driven by a staggering 225 per cent increase in the market capitalisation of these companies amid global economic instability.”