Union finance minister Nirmala Sitharaman on Wednesday shot again on the Congress and its chief Rahul Gandhi over their repeated claims that public sector undertakings (PSUs) have been being dismantled and have been in disarray beneath the Narendra Modi authorities. In a put up on social media web site X, the minister mentioned the Congress allegations have been a textbook instance of “Ulta chor kotwal ko daante (The pot calling the kettle black)” because the info revealed a really totally different image.
In her complete article posted on the positioning, Sitharaman wrote that the PSUs suffered beneath the Congress-led United Progressive Alliance (UPA) authorities. The PSUs that have been beforehand uncared for beneath the UPA regime, reminiscent of Hindustan Aeronautics Restricted (HAL), have seen a resurgence beneath the Modi authorities, she mentioned.
Repeated claims from the @INCIndia ecosystem and @RahulGandhi specifically that Public Sector Undertakings (PSUs) are being dismantled & are in disarray beneath the present authorities are a textbook instance of ‘Ulta Chor Kotwal Ko Daante,’ because the info reveal a really totally different…— Nirmala Sitharaman (Modi Ka Parivar) (@nsitharaman) May 8, 2024
‘Transformation beneath Modi govt’
The finance minister mentioned that beneath the management of PM Modi, PSUs are thriving, benefiting considerably from the tradition of professionalism infused in them together with elevated operational freedom. The Modi authorities’s give attention to capital expenditure has additionally led to substantial development of their inventory efficiency, she mentioned.
Sitharaman mentioned the federal government technique has helped enhance the efficiency of the CPSEs and reposed investor confidence. The give attention to infrastructure improvement, energy, logistics, and many others, has instantly benefited PSUs in railways, roads, energy, metals, building, heavy tools manufacturing, and many others, she wrote.
The Bharatiya Janata Social gathering chief additionally mentioned that the Modi authorities’s initiatives have helped the general public sector banks to get well from the banking disaster created by the UPA. GNPAs in PSBs have fallen to decadal lows of three.2% and earnings are at document highs, even because the push to monetary inclusion brings formal banking to each nook of the nation, she wrote.
Public Sector Undertakings: UPA versus NDA
Even beneath late Prime Minister Atal Bihari Vajpayee’s authorities, shares of PSUs had carried out higher in comparison with UPA as a consequence of higher administration, the minister mentioned. Sitharaman added that in 1999-2004 when the BJP-led Nationwide Democratic Alliance (NDA) was in energy, the PSU index soared over 300%, vastly outperforming the BSE Sensex’s 70% acquire.
Then, throughout 2004-09 beneath the UPA 1 authorities, the PSU index rose by 60%, however this was solely half the expansion charge of the Sensex.
Throughout 2009-14 beneath UPA 2, the index declined by 6%, whereas the Sensex surged by 73%, mentioned Sitharaman.
The minister used info and information to argue that the transformation in PSUs beneath the Modi authorities was evident from a comparability of parameters between FY 2022-23 and FY 2013-14. She wrote that the overall market cap of all 81 listed PSUs (62 CPSEs, 12 PSBs, 3 Public Sector Insurance coverage Firms and IDBI Financial institution) had grown by 225%.
‘Maliciously attacking HAL’
In her X put up, Sitharaman hit out at Rahul Gandhi for “maliciously attacking” Hindustan Aeronautics Restricted (HAL). She mentioned that opposite to the Congress chief’s claims, beneath PM Narendra Modi, HAL’s market valuation had skyrocketed by 1370% in merely 4 years, rising from Rs 17,398 crore in 2020 to Rs 2.5 lakh crore as of Could 7, 2024.
HAL on March 31, 2024, introduced its highest-ever income of greater than Rs 29,810 crore for FY 2023-24 and has a strong order ebook of over Rs 94,000 crore.
Congress crippled establishments, says minister
Sitharaman, who has been on the helm of affairs on the finance ministry beneath the Modi 2.0 authorities, mentioned that the figures hardly prompt a “weakening” establishment however reasonably one experiencing important fortification. Opposite to Rahul Gandhi’s claims, the finance minister mentioned that it was the Congress occasion that left India crippled, relying closely on imports reasonably than empowering its personal establishments like HAL.
Traditionally, the Congress has proven a scarcity of religion within the nation’s scientists and engineers, fostering a dependency on imports that branded India because the world’s largest arms importer for a few years, she mentioned.
‘PM Modi ensured turnaround in defence sector’
Nirmala Sitharaman wrote that it is just beneath PM Modi that there was a major shift—turning India from an import-dependent nation to at least one that’s now proudly getting into the position of an arms exporter. The elevated defence spending and intention of attaining ‘Atmanirbharta’ within the sector have fuelled the expansion of PSUs like BEL, HAL, Mazagon Dock, and many others, she mentioned.
In FY 2023-24 alone, India reported arms exports price Rs 21,000 crore. This achievement showcases the federal government’s strong confidence in India’s scientists and engineers, a stark distinction to the Congress’s method, mentioned the minister.
False claims are also made with respect to folks shedding jobs after disinvestment, she added.
On the finish of the article, Sitharaman mentioned that every one claims of the Congress and Rahul Gandhi with respect to PSUs fall flat, as they’re baseless.
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