PM Narendra Modi
PM Narendra Modi

Indian Prime Minister Narendra Modi has emphasized the role the private sector plays in developing the country’s economy.

He said that by maligning and being distrustful of the private sector, we also refuse to believe in the potential of the youths today.

Modi’s sought to defend the Union government’s move to privatize public sector undertakings (PSUs) in the Budget and the allegations that it wants to do so to benefit private companies of its choice.

“Wealth creators are important for the country, only then jobs can be created and wealth among the poor,” Modi said in the parliament on Wednesday.

The Prime Minister questioned how IAS officers or ‘babus’ can be entrusted with the task of operating factories and enterprises or flying aircraft for the public. Herein comes the role of the private sector.

“Babus belong to us and so do the youth. The more opportunity we give to our youths, the more they will benefit,” a report quoted Modi as saying.

Also read: Employee verification by Indian companies, PSUs made easy via CCTNS

In his speech Modi said that allowing private players to enter into the country’s telecom sector has resulted in the drastic decrease of tariff for calls on mobile phones, thus benefitting the public.

He also cited the major role that private Indian pharmaceutical companies are playing in producing the Covid-19 vaccines that are benefitting humanity at large.

“Everyone should get an opportunity to display their potential. We should not downright declare them dishonest,” the Prime Minister said of the private sector.

The private companies in India have long been complaining of the bureaucracy being suspicious of their motives.

Now the Prime Minister backing the private companies’ role in boosting the Indian economy only shows the Union government’s resolve to privatize several PSUs in the near future.

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