National Press Release – to be released across India
26 February 2021 – for immediate release
Swarna Bharat Party (SBP) President Mr Pankaj Das welcomes the announcement from Prime Minister Narendra Modi that the government plans to privatize 100 PSUs and his comment that the government should not be in the business of doing business.
Ever since its inception, SBP has been explaining to voters in villages and small towns of India about the need for economic freedom and why, as part of this, PSUs need to be privatized so that taxpayers’ money can be released for development of these towns and villages and to provide better security, justice, infrastructure and funding for the poor.
Privatization of the many loss-making PSUs will also be in the interests of many of their workers who do not get salaries for months on end. In the absence of revenues and profits from their companies they have to rely on government dole which comes sporadically and after much delay, leaving these workers in tremendous economic distress. We believe these workers should be looked after as part of the privatization effort.
The economic devastation from covid lockdowns has been tremendous. There is no way that India’s government can fund public expenditures by increasing taxes. The government has no other choice but to monetize the PSUs to help revive the economy.
Mr Pankaj Das said that it is important for Mr Modi should keep his word. He often says the right things but then does the opposite. For instance, in 2014 he had the slogan “Minimum Government, Maximum Governance” but he increased the size of government in a manner few other Prime Ministers have done. And while he said “Inspiration, Not Imposition”, he then praised the most draconian prohibition of Bihar and imposed the most brutal lockdown in the world. He came as a reformer but ended up reversing a number of reforms such as by reimposing import duties on consumer products.
Mr Pankaj Das also noted that if the governance system, security and justice are not fixed first then privatisation could well breed crony capitalism. For SBP, security and justice are the cornerstone of our ideology and on these basic issues India has failed under Mr Modi. SBP also believes privatisation of PSUs is not enough. The government needs to divest its role in banking and insurance as well, as these areas are riddled with corruption and inefficiency - and are inconsistent with the functions of government.
Notes for Editors
SBP is India’s only liberal party, committed to defending liberty and promoting prosperity. We are committed to making India Number One.
Pankaj Das, President SBP, Guwahati, +91 97060 49270