Govt to announce new public sector policy for ‘self-reliant’ India: FM Nirmala Sitharaman
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 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”.
“Now, Indian public companies can list their securities directly in foreign jurisdictions. Private companies which list Non-Convertible Debentures on stock exchanges will not be regarded as listed companies,” Sitharaman announced.
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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.
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“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.
Sitharaman on Sunday opened her address on the final tranche of the economic package by quoting Prime Minister Narendra Modi.
She said that prime minister Narendra Modi, in his address earlier this week, has said that the coronavirus crisis has brought an opportunity to build a self-reliant (Atmanirbhar Bharat).
Sunday’s announcements on Centre’s economic stimulus package focussed on seven steps taken by the government - MGNREGA, health & education related steps, business & Covid-19, decriminalization of Companies Act, ease of doing business, public sector enterprises, state government resources.
