India’s investment and public asset management department announced on its website that Prime Minister Narendra Modi’s government plans to sell off most of its state-owned enterprises and retain only four that are considered strategic industries in the future, including (1) atomic energy, aerospace and defense; (2) transportation and communications; (3) energy, oil and coal; and (4) banking and financial services.
The plan is expected to reduce the burden of the Indian government, using taxpayers’ money to rescue money-robbing state-owned enterprises, and allocate resources to revive the economy hit by the Epidemic and invest in the health care system. According to a survey conducted last year, about 1/3 of the 250 state-owned enterprises operated by the Indian federal government recorded losses.
Indian Finance Minister Sitharaman released his budget on Feb. 1, planning to raise 1.75 trillion rupees (about HK$18.72 billion) in the fiscal year starting April 1 through the sale of stakes in state-owned enterprises.
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