New Delhi: The Indian Union Finance Minister Nirmala Sitharaman on Saturday said the government is not crazy to rush out to sell everything and the Opposition fully understands the meaning of divestment but would still say “you are selling that off”.
During the eighth edition of Raisina Dialogue in Delhi, the finance minister said, “The government is not crazy rushing out to sell everything. Because of strategic interest, you (the government) would have to be there in the sector, like telecom. These firms will be run professionally.” She added: “The Opposition fully understands the meaning of divestment but would still say you are selling that off.” The Union minister said, “We have announced four core sectors where we have said there will be at least minimum presence of the government. But they have been also opened for private sector.”
“There is no sector in India that is not available for the private sector to be in function,” the Union minister said, adding that, “Public sector institutions which have begun to run on their own steam will be there but if there are others which are very small or unsustainable or not scalable.”
“If there is a possibility, we will try to blend them so that the bigger unit or sustainable unit on its own take care of its needs. We will blend and create a larger company,” she said, “But, if there are two small ones and also small ones which cannot be blended with bigger one, we will try to see if others would like to take them over or if it is not possible to be sold, they will be shut.”
“It’s divestment for those assets that exist that aren’t used properly or which are optimally not generating revenues. They will be monetised. But monetisation is not like I’m selling it off,” Sitharaman said, adding, “It means certain value is assessed and what newly it can create by being used or being put into productive use.”
