PSUs in resurgent mode, 225% rise in M-cap cap under Modi: FM

Finance Minister Nirmala Sitharaman on Wednesday came out strongly in defence of the performance of India’s public sector undertakings, which have been on a resurgent mode under the leadership of Prime Minister Narendra Modi.

- NIVEDITA MUKHERJEE

“ Increased defence spending and the aim of achieving ‘Atmanirbharta’ in defence is fuelling the growth of PSUs like BEL, HAL, Mazagon Dock. In FY 2023-24 alone, India has reported arms exports worth Rs 21,000 crore. This achievement showcases our government’s robust confidence in our scientists and engineers, a stark contrast to the Congress party that left India crippled, relying heavily on imports rather than empowering our own institutions like HAL,” the Finance Minister asserted on X, hitting out at Rahul Gandhi

In a sharp rebuttal to Rahul’s charges that the PSUs are being dismantled and are in disarray under the current government, Sitharaman called the allegations “a textbook example of ‘Ulta Chor Kotwal Ko Daante, as the facts reveal a very different story.

Sitharaman pointed out that “historically”, it was the Congress that “has shown a lack of faith in our nation’s scientists and engineers, fostering a dependency on imports that branded India as the world’s largest arms importer for many years”.

The Finance Minister credited the Government with better management of PSUs which has led to the total market cap of all 81 listed PSUs (62 CPSEs, 12 PSBs, 3 public sector insurance companies and IDBI Bank) to grow by 225 per cent.