New Delhi : Public enterprises, that lay in the purview of Heavy Industries and Public Enterprises Department, has been moved to under the Finance Ministry by the centre. The Finance Ministry currently controls 36 central Public Sector Units(PSUs) and the latest move is aimed to set sale of PSUs in motion.
The Budget had earlier set goal to raise Rs 1.75 lakh crores by sale of public sector companies. However, covid conditions slowed that plan down with stake sale in several companies, including Air India, hitting blockade. Once companies are set under Finance Ministry, hurdles of sorts are estimated to ease out. The government is also calculating to effect asset sales. Curently on its radar are : NHAI, Railways, Airport Authority and GAIL. There are 5 departments the ambit of Finance Ministry currently : Finance, Revenue, Finance Affairs, Financial Services and Investment and Public Assets Management. Now, with the addition of Public Enterprises, that swells to six. The centre’s chief aim is to solidify its hold over PSUs.
Although co-operative sector is state domain under the federal system, the government formed a new ministry for it and handed over the reins to Amit Shah. The step was explained as government mission to enact new laws, policies and rules to strengthen the co-operative sector. In reality, the aim is to take the sector under central control for plans ahead.
Eye On Cooperative Deposits
As per statistics of March 2015, there are deposits to the tune of 1.98 lakh crores with state cooperative banks and Rs 4.06 crores with district cooperative banks and profits across state banks figured to Rs 1005 crores and that of district banks to Rs 793 crores. After looting the public sector banks to help business corporates, the Modi government is now looking to plunder the cooperative banks, CPI(M) General Secretary Sitaram Yechury had said, added that, the move infringes on federalism and should be opposed stiffly in parliament.
