Speeding up disinvestment process our main priority, says Manmohan Singh

Prime Minister Manmohan Singh is working overtime to modify the policy environment and improve investor sentiments.

Speaking at the Ficci’s annual general meeting, Singh said that the need of the hour is to challenge the atmosphere of excessive pessimism, which has a negative impact on the growth of the country in the last year or so. 

Interestingly, Singh opted to address Ficci’s AGM after a gap of four years highlights how much he want to reach out to India Inc.

“We will speed up the disinvestment process, which will also revive our equity markets,” Singh said.

Even though he did not disclose any information, indications are that the government has selected 10 companies, including NTPC, Oil India, SAIL and MMTC, for the purpose.

“Revenue realisation from disinvestment is essential for the government to restrict the fiscal deficit to 5.3 per cent of the GDP in the current fiscal. The Centre’s fiscal deficit touched a high of 5.9 per cent in the previous fiscal. This was clearly unsustainable,” he said.

He went on to say: “Some of the decisions we have taken were politically difficult and the naysayers and cynics have tried to halt us in our track, but we had the courage of our conviction and the interests of our people at heart.”


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