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Prime Minister Narendra Modi today said the government has no business to be in business, instead its focu should be on projects related to welfare and development works.

When the government starts doing business, there is a lot of damage, he added.

“… I say the government has no business, to be in business … more and more government’s power, resources and capacity should be used for welfare work. At the same time, when the government starts doing business, there is a lot of damage,” he said addressing a webinar on privatisation and monetisation..

Modi said the effort of the government is to improve the standard of living of the people, besides reducing its unnecessary interference in the lives of the people.

“That is, there should be no lack of government or influence of government in life,” he added.

Modi said when the government starts doing business, the scope of its resources is reduced.

He also said the government lacks the courage to take commercial decisions out of fear of court cases and allegations.

Modi said there are many public sector enterprises making losses and they have to be supported by taxpayers money.

“Public Sector Enterprises do not have to run only because they have been running for so many years, they have been someone’s pet project,” he said.

Talking about the National Asset Monetisation Pipeline, Modi said the government has targeted to monetize around 100 assets like oil, gas, port, airport, and power.

“Of these, investment opportunities of 2.5 trillion rupees are expected. And I will also say that this process will continue. The mantra that the government is moving forward with is Monetise and Modernize,” he stated.

The private sector also brings investment, global best practices and top quality brings manpower, changes in management, Modi said.

“This makes things more modernized, modernizes the entire sector, expands the sector rapidly and creates new opportunities for jobs. Monitoring is equally necessary to ensure that the entire process remains transparent, under the rules. That is, with Monetise and Modernise we can increase the efficiency of the entire economy further,” he said.

Modi said the amount received due to the decisions of the government can be used in public welfare schemes.

“The money that comes from Asset Monetisation and Privatization, makes the house of the poor, that money is used to build roads in the village, that money is used to open schools, that money is used to provide clean water to the poor,” he said.

“There are so many such things related to the common human. Even after so many years of independence, our country has such deficiencies. Now the country cannot wait longer for this,” he added.

Modi said every decision related to Asset Monetisation and Privatization will help in empowering the citizens of the country whether poor, middle class, young, women, farmers, laborers.

“Privatization also provides better opportunities for empowered youth. Young people get more opportunities to showcase their talent,” he said.

Modi said apart from the four strategic sectors, the government is committed to privatization of all PSEs. “In Strategic Sectors, at least PSEs should be kept, as much as needed, we have also cleaned it,” he said.

This policy will help select individual companies by having a medium term strategic approach, moving beyond annual disinvestment targets, he added.

This will also create a clear roadmap of investments and create new investment opportunities for people in every sector and create immense employment opportunities in India, Modi said.

For a self-reliant India, Modi said multimodal connectivity is increasingly being worked on modern infrastructure.

The government is working on a Rs 111 trillion National Infrastructure Pipeline in the coming five years to upgrade infrastructure, he said.

There is also an investment potential of about 25 trillion rupees for the private sector, he added.

These infrastructure projects are also promoting employment and demand in us. I also realize that many investors are thinking of opening their first office in India, the Prime Minister said.

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