Disinvestment to increase PSUs' income, create jobs: MoS Finance Karad
He said public sector companies employ 14 lakh people in the country.
''Disinvestment doesn't mean that the companies are making losses, but the government has different plans to increase their income and to increase jobs,'' he said while addressing a virtual event organized by Dun & Bradstreet India.
He said the government has decided to garner around Rs 6 lakh crore by way of monetization.
Last month, Finance Minister Nirmala Sitharaman had announced a Rs 6-lakh crore National Monetisation Pipeline (NMP) to unlock value in infrastructure assets across sectors ranging from power to road and railways.
''PSUs have provided employment. They have been creating wealth for the country and giving dividends to the shareholders,'' he said.
Kapoor said PSUs work as a training ground for manpower.
Citing an example, he said Oil and Natural Gas Corp (ONGC) has been training people and some of them have left the PSU and joined the private sector.
''Private sector has grown because of the trained manpower coming in from PSUs,'' he said.
He said that since all PSUs deal with public money, they have much more transparency compared to private sector companies.
These entities also respond to public needs in a much better manner, he added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)