Plan to monetize 100 government-owned assets, says PM Modi

Prime Minister Narendra Modi on Wednesday said the government has planned to monetize 100 government-owned assets under the Asset Monetization Scheme. He said that the government's motto is to monetize and modernize while speaking on various reforms undertaken in this year's Union Budget.

"There are many government-owned under-utilised and unutilised assets. The government plans to monetize 100 government-owned assets. Rs 2.5 trillion investment opportunity in these 100 assets up for monetization. When government monetizes, that space is filled by the private sector of the country. The private sector brings investment and best global practices with them," Modi said.

Modi said the government has no business to be in business, but to focus on development projects. "When the government engages in business it leads to losses. The government is bound by rules and lack of courage to take bold commercial decisions."

On the privatisation of Public Sector Units (PSUs), Modi said it is the need of the time. "There was a different time when public sector enterprises were established and the needs were also different. There is always scope to reform the policy which was good 50-60 years ago. Now when we are bringing reform, our aim is to optimally utilise public money," Modi said.

Modi claimed that the amount collected from monetization and divestment will be used for funding development projects. "Asset monetization and privatization decisions will help empower Indian citizens," Modi said.

He added that India has seen record FDI inflows as well. "There are several foreign companies that will be opening up their first India offices," Modi stated.