Subramanian Swamy adds own rejoinder to PM Modi's 'govt has no business being in business'

Prime Minister Narendra Modi on Wednesday made his strongest pitch for the privatisation of non-strategic PSUs, saying the government has "no business to be in business" and sustaining loss-making units on taxpayers' money drains resources that could otherwise have been spent on public welfare schemes.

'I fully agree with PM statement yesterday'

Reacting to this, senior BJP leader and Rajya Sabha MP Dr Subramanian Swamy on Thursday said that he "fully agrees" with PM Modi's statement. However, Dr Swamy while pointing out "an essential implication" stated that even "businesses have no business to be in government and If they do then it is crony capitalism."

PM Modi on Wednesday said about 100 under-utilised or unutilised assets with public sector units (PSUs), such as those in the oil and gas and power sectors, will be monetised, creating Rs 2.5 lakh crore of investment opportunities. "It is the government's duty to support enterprises and businesses. But it is not essential that it should own and run enterprises," the Prime Minister said at a webinar on the privatisation approach in the Budget for 2021-22.

'Modernise & monetise is the motto we will follow'

The Prime Minister said his government is committed to privatising all PSUs barring four strategic sectors -- atomic energy, space and defence; transport and telecommunications; power, petroleum, coal and other minerals; and banking, insurance and financial services, where the government will retain a bare minimum presence. 

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"The government has no business to be in the business," he said. "Modernise and monetise is the motto we will follow." He also said to speed up the disinvestment process, an empowered group of secretaries has been set up to settle investor issues. PM 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. 

In the recent Budget session, Prime Minister Narendra Modi highlighted the private sector's vital role in the economy and asserted that the culture of "abusing" it for votes is no longer acceptable. "If the public sector is important, the role of the private sector is also vital," he said during his reply in Lok Sabha to the discussion on the motion of thanks to the President's address.

PM Modi's remarks earned him praise from two of the most renowned industrialists of India -- Chairman of Mahindra Group, Anand Mahindra and Chairman and MD of JSW Group, Sajjan Jindal. PM Modi's remarks are also seen as a befitting reply to the Opposition who has been repeatedly throwing the "crony-capitalism" jibe at the Centre. Congress had branded the budgetary announcements "a move to support crony capitalism."

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(With PTI inputs)