Finance Minister Rebuts Rahul: Sitharaman Counters Congress Claims of PSUs Being Dismantled

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) had been being dismantled and had been in disarray below the Narendra Modi authorities. In a publish on social media website X, the minister mentioned the Congress allegations had been a textbook instance of “Ulta chor kotwal ko daante (The pot calling the kettle black)” because the information revealed a really completely different image.

In her complete article posted on the location, Sitharaman wrote that the PSUs suffered below the Congress-led United Progressive Alliance (UPA) authorities. The PSUs that had been beforehand uncared for below the UPA regime, akin to Hindustan Aeronautics Restricted (HAL), have seen a resurgence below the Modi authorities, she mentioned.

‘Transformation below Modi govt’

The finance minister mentioned that below 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 concentrate on 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 concentrate on infrastructure growth, energy, logistics, and many others, has straight benefited PSUs in railways, roads, energy, metals, building, heavy gear manufacturing, and many others, she wrote.

The Bharatiya Janata Celebration chief additionally mentioned that the Modi authorities’s initiatives have helped the general public sector banks to get better from the banking disaster created by the UPA. GNPAs in PSBs have fallen to decadal lows of three.2% and income are at report 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 below late Prime Minister Atal Bihari Vajpayee’s authorities, shares of PSUs had carried out higher in comparison with UPA on account 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% achieve.

Then, throughout 2004-09 below the UPA 1 authorities, the PSU index rose by 60%, however this was solely half the expansion fee of the Sensex.

Throughout 2009-14 below UPA 2, the index declined by 6%, whereas the Sensex surged by 73%, mentioned Sitharaman.

The minister used information and information to argue that the transformation in PSUs below the Modi authorities was evident from a comparability of parameters between FY 2022-23 and FY 2013-14. She wrote that the full 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 publish, Sitharaman hit out at Rahul Gandhi for “maliciously attacking” Hindustan Aeronautics Restricted (HAL). She mentioned that opposite to the Congress chief’s claims, below 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 Might 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 e book of over Rs 94,000 crore.

Congress crippled establishments, says minister

Sitharaman, who has been on the helm of affairs on the finance ministry below the Modi 2.0 authorities, mentioned that the figures hardly instructed a “weakening” establishment however relatively one experiencing vital fortification. Opposite to Rahul Gandhi’s claims, the finance minister mentioned that it was the Congress social gathering that left India crippled, relying closely on imports relatively 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 below PM Modi that there was a big shift—turning India from an import-dependent nation to 1 that’s now proudly moving into the function of an arms exporter. The elevated defence spending and goal 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 strategy, 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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