Karnataka

BPCL privatisation is for its effective management, says Anurag Thakur

Union minister Anurag Thakur at the Mangaluru Lit Fest on Saturday.

Union minister Anurag Thakur at the Mangaluru Lit Fest on Saturday.   | Photo Credit: H.S. MANJUNATH

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‘Govt. plans to invest ₹100 lakh crore in infrastructure over five years’

Defending the Union government’s move to privatise the Bharat Petroleum Corporation Ltd, the Union Minister of State for Finance and Corporate Affairs Anurag Thakur said here on Saturday that the decision has been taken for the company’s “effective management”, and the government has no business to be managing a commercial enterprise.

“Will you buy something that is making loss?,” he asked while replying to a question during a session on ‘money matters’ at the last day of Mangaluru Literary Festival.

The minister said the sale of Shipping Corporation of India, CONCOR, North Eastern Electric Power Corporation Limited and other power PSUs too are in the pipeline, adding that the government is striving to monetise assets so that funds can be used to take up infrastructure projects.

The minister said the government has plans to invest ₹100 lakh crore in the infrastructure sector over the next five years. It will create employment opportunities. With the BPCL’s stake sale, the government hopes to mobilise more than ₹60,000 crore, Mr. Thakur said.

Replying to another question on the economic slow down in the country, he said it is a “cyclical wind” and it will improve in the days to come. “Structurally, our economy is very strong. The foundation is strong. India has a strong economy,” the minister said.

Mr. Thakur said the total capital inflow into the country has increased over the years. The inflation is under control, and the foreign direct investment has increased. “The growth graph will go upwards in the coming quarters,” the minister said.

Referring to the merger of 10 public sector banks into four entities, Mr. Thakur said the move will put banks in a better position to lend. He said the demonetisation, introducing GST and other economic polices of the National Democratic Alliance government may pinch an individual in the short term. But the decisions have been taken in the interest of the country.

“The government has taken care of major issues before the country including Ayodhya, triple talaq and has already started focussing its attention on economic revival, results of which will be visible in the coming quarters,” he said.

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Printable version | Dec 9, 2019 9:05:36 PM | https://www.thehindu.com/news/national/karnataka/bpcl-privatisation-is-for-its-effective-management-says-anurag-thakur/article30125056.ece

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