Public sector asset management framework changed: Finance Minister

Author: Nishu June 11, 2022

Public sector asset management framework changed: Finance Minister


Finance and Corporate Affairs Minister Nirmala Sitharaman said in Bengaluru on Friday that the public sector asset management framework in the country has changed, with the government recently making a directional change on public assets.

She was inaugurating a convention, “Making Wealth Through Markets”, as part of Azadi Ka Amrit Mahotsav being organized in 75 cities across the country at IISc here.

He said the nature of public sector asset management had changed as Budget 2021 introduced a directional change that the private sector would be allowed in all sectors except the four core/strategic sectors.

“This has generated a lot of interest in the private sector and as a result we are seeing the emergence of start-ups in the areas of defense and nuclear energy. This has encouraged private investors,” the minister said.

Initially, most investments used to be land-focused, centrally-driven and long-term involving the setting up of huge dams or power generation plants. In those days it was difficult to attract investment in these sectors from the private sector. But today, things had changed and there were private investors in the country who were able to successfully invest and run the business, according to Ms Sitharaman.

However, he clarified that the government has no plans to shut down any units. “Not to shut down a unit, but to run it professionally and profitably. We want to improve the functioning of our units so that they contribute to the growth of the economy. I want to divest the steel sector, bring down the cost of production, increase production and bring in more capital. According to him, DIPAM (Department of Investment and Public Asset Management) is working towards classifying AAA rated public sector enterprises and holding them as exchange traded stocks through the bond market route. Bharat Bond ETF currently accounts for 84% of the country’s total ETF market, with assets under management of over ₹53,000 crore.

11 June, 2022, 3:56 pm

News Cinema on twitter News Cinema on facebook

Saturday, 11th June 2022

More Stories
Critics say Musk has revealed himself as a conservative. It’s Not So Simple.
Kansas oil spill is biggest breach in Keystone pipeline history
Cops who can’t crack Idaho murder case now threaten internet sleuths with ‘criminal charges’
Paul Pelosi ‘looks like Frankenstein’, daughter Alexandra jokes, but worries about ’emotional scars’
NFL Owner by Day, Rock ‘n’ Roller by Night
China’s Looming ‘Tsunami’ of Covid Cases Will Test Its Hospitals
University of California Academic Workers Partly End Strike
African journalist Simon Ateba accuses White House Press Secretary of discrimination
LeBron James leads outpouring of grief over Grant Wahl’s shocking death at the World Cup
Amazon Prime to pay woman $40K to watch three months of TV
Mackay car crash: Kylie Burrage’s impact statement after husband Scott Burrage’s fatal Mirani crash
Jeff Bezos’ girlfriend Lauren Sanchez celebrates 53rd birthday with Kim Kardashian and Kris Jenner
Day 10: The Secrets of Being Santa
Viktor Bout tells Russian state news he isn’t ‘valuable’ despite Brittney Griner prison swap
Kari Lake Sues Arizona’s Largest County, Seeking to Overturn Her Defeat
North Carolina family of unvaccinated 14-year-old search for a medical center for kidney transplant
Cathy Areu, the Liberal Sherpa, is charged with kidnapping and stealing from her own mom
Mongols bikie Josh Rider murdered Paul Virgona 22 days after claiming love had changed him
Box Covering Columbus Statue in Philadelphia Must Be Removed, Court Rules
Republicans renew their calls for Biden’s nonbinary energy official Sam Brinton to be fired
Soccer Journalist Dies at World Cup After Collapsing at Argentina Game
New York Loosens Rules on Locations for Weed Dispensaries
A Two-Goal Lead Disappears, So Argentina Has to Do It the Hard Way
Joseph Kittinger, a Record-Setter High in the Skies, Dies at 94
The End of Griner’s Detention Begins a New Wave of WNBA Activism
‘Ain’t No Mo’ to Close on Broadway
Netflix DIDN’T get permission from the BBC to show Diana’s Panorama interview
Sinema Adds Intrigue and Democratic Fury to Arizona’s 2024 Senate Race
Letters Helped Brittney Griner Survive. Here’s one for her future.
Leaders Back Away From Raising Debt Ceiling, Punting Clash To New Congress
Lina Khan, Aiming to Block Microsoft’s Activision Deal, Faces a Challenge
Blowback Over Griner’s Release Exposes Depth of America’s Divisions
Saudi Arabia says Crown Prince MBS made ‘personal efforts’ to help free Brittney Griner
Winter Weather Havoc Is Expected To Make A Cross-Country Run
William ‘unlikely’ to make up with Harry following Netflix betrayal, warn friends
‘It Hurts’: Brazil Is Left Wondering What Went Wrong
Playing Santa Onscreen Takes Much More Than Just Donning a Red Suit
Reader outrage over Megan’s disrespectful Netflix curtsy
Age Is Just a Number as MLB Teams Drop $2 Billion on Free Agents
Woman learns her dad isn’t her biological father after a STRANGER texted her to get a DNA test