The total market cap of all 81 listed PSUs, comprising 62 central public sector enterprises (CPSEs), 12 PSBs, 3 public sector insurance companies and IDBI Bank, has grown by 225% in the past three years, thanks to their better management, Union Finance Minister Nirmala Sitharaman says.

The FM, attacking the Opposition led by the Congress party on their claims of the poor situation of the PSUs, said: "Repeated claims from the @INCIndia ecosystem and @RahulGandhi in particular that Public Sector Undertakings (PSUs) are being dismantled & are in disarray under the current government are a textbook example of 'Ulta Chor Kotwal Ko Daante,' as the facts reveal a very different picture."

She says the transformation in PSUs under the Modi government is evident from looking at the parameters between FY 2022-23 and FY 2013-14. "Total paid-up capital of all CPSEs was ₹5.05 lakh crore as of March 31, 2023, vs ₹1.98 lakh crs in FY 14, an increase of 155%. Total gross revenue from the operations of CPSEs during FY 2023 was ₹37.90 lakh crore v/s ₹20.61 lakh crore in FY 14, an increase of 84%."

She added the net profit of profit-making CPSEs stood at ₹2.41 lakh crore in FY 2023 vs ₹1.29 lakh crore in FY14, an increase of 87%.

Contribution of all CPSEs to the exchequer by way of excise and customs duties, GST, corporate tax, dividends, etc., stood at ₹4.58 lakh crore in FY 2023 against ₹2.20 lakh crore in FY14, an increase of 108%, she said.

During this period, the FM says, the net worth of all CPSEs increased from ₹9.5 lakh crore to ₹17.33 lakh crore, up 82%.

Claiming that government-owned companies are better managed now, the FM says their share prices have tremendously increased in the last 3 years. "Total market cap of all 81 listed PSUs (62 CPSEs, 12 PSBs, 3 Public Sector Insurance Companies and IDBI Bank) has grown by 225%."

Additionally, she says the market cap of 12 listed public sector banks (PSBs) has increased 2.95 times (195%) from ₹5.45 lakh crore (as of 31.3.21) to ₹16.12 lakh crore (as of 31.3.24).

The government says 15 CPSEs have experienced an impressive CAGR ranging from 76% to 100% during the three years, reflecting substantial value appreciation and investor confidence. Additionally, 25 CPSEs delivered CAGR between 51% to 75%, while 28 CPSEs showed steady expansion within the range of 26% to 50%, she said.

The FM says Congress leader Rahul Gandhi had attacked Hindustan Aeronautics Limited (HAL). "Contrary to his claims, HAL's market valuation has skyrocketed by 1370% in merely 4 years, rising from ₹17,398 crore in 2020 to ₹2.5 lakh crore as of May 7, 2024."

The FM says HAL, on March 31, 2024, announced its highest-ever revenue of more than ₹29,810 crore for FY 2023-24 and has a robust order book of over ₹94,000 crore.

"The increased defence spending & aim of achieving 'Atmanirbharta' in Defence has fuelled the growth of PSUs like BEL, HAL, Mazagon Dock, etc," she says.

The FM says after a "transparent disinvestment", Air India has seen a "notable improvement" in operations. "Air India has seen significant growth in employment opportunities, with over 7500 new employees (both flying and ground staff) having joined the company since privatisation. So, far from losing jobs, thousands have joined the company."

A similar turnaround has happened in NINL (Neelachal Ispat Nigam Ltd) post-privatisation, she says.

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