Narendra Modi's crafting motif of a coherent economy is a bit obnoxious to some majority. Arguments with the pros and cons are still been validated.
Union Finance Minister Nirmala Sitharaman sees eye to eye that Modi's attempt in privatizing Central and State public sectoral may uplift the requisite of Economic package.
There are 339 public sector establishments in India if summed up. Among them, Central will have a stronghold over only the 'strategic sectors' where occupancy of Government is vital. In the amid crisis due to the pandemic Modi, decided to club both sectors and auction them to the tycoons of the private sector. Banking, insurance, steel, fertilizer, petroleum and defense equipment, coal, etc are expected to be clubbed.
Two applications are supposed to be activated: Firstly, there will be at least one central public sector company that will compete with private operators. And secondly, not more than four public sector enterprises and private operators will be allowed.
Now the question raises about the benefits of the respective scheme:
After analyzing the advocacy of the scheme, we have scanned that Supporters of privatisation believe that it will bring efficiency and effectiveness to the enterprises and thus have possibility of achieving improvement
private sector and the discipline of free-market forces are a better incentive for businesses to be run efficiently and thereby achieve improvements in economic welfare. And the adversaries feels the scheme is majorly unambiguous because promotion of self-reliance economically may result in the destruction of the foundation of our national economy.
Here are some major policies by the Modi Government that had actively participated in the reformation of the Indian Economy:
1.Pradhan Mantri Jan-Dhan Yojana (PMJDY)
2. Atal Pension Yojana
3. Pradhan Mantri MUDRA Yojana (PMMY)
4. Pradhan Mantri Ujjwala Yojana (PMUY)
5. Gold Monetisation Scheme