Govt to announce new public sector policy for ‘self-reliant’ India: FM Nirmala Sitharaman

The government will announce a new public sector policy to make India ‘self-reliant’ (Atmanirbhar) in the wake of the coronavirus crisis, Finance Minister Nirmala Sitharaman said on Sunday.

Sitharaman underlined the need for a new coherent policy “where all sectors are open to the private sector, while public sector enterprises (PSEs) play an important role in defined areas”.

The finance minister said that as per the new policy which will be announced by the government, a list of strategic sectors requiring the presence of PSEs in the public interest will be notified.

“In strategic sectors, at least one enterprise to remain in the public sector but the private sector to be allowed. In other sectors, PSEs to privatised,” she said.

The finance minister said that timely action was taken during coronavirus pandemic to reduce compliance burden under various provisions of Companies Act.

“Board meetings were allowed to be online, rights issues can be done digitally, major reform in corporate governance,” she said.

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