Prime Minister Narendra Modi on February 7 said that investors’ confidence in public sector units (PSUs) has increased under the BJP-led NDA government, citing the record surge in share prices of state-owned units such as Life Insurance Corporation (LIC) of India and Hindustan Aeronautics Limited (HAL).

Addressing Parliament in Rajya Sabha, PM Modi says that the number of PSUs in the country increased from 234 in 2014 to 254 today, and “most of them are giving record returns drawing the attention of investors”.

In the last 10 years, PSU’s net profit rose from ₹1.25 lakh crore between 2004 and 2014 to ₹2.50 lakh crore, and their net value increased by 79% from ₹9.5 lakh crore to ₹17 lakh crore, says PM while replying to the Motion of Thanks on the President's address to Parliament in Rajya Sabha.

He further adds that the PSU Index in the country has witnessed a two-fold rise within the last year.

Addressing the House, the Prime Minister says, “As opposed to the earlier mess of the public sector enterprises, now enterprises like BSNL are leading roll out of 4G and 5G, HAL is doing record manufacturing and Asia’s largest Helicopter Factory is HAL in Karnataka. LIC too is thriving with record share prices.”

“Sabka Saath Sabka Vikas is not just a slogan, it is Modi’s guarantee”, he exclaimed. The Prime Minister cautioned against spreading a mood of despair based on a false narrative.

The PM says that the direction of the nation's policies is towards ensuring basic facilities for all and raising the standards of living. “In the coming days, our focus will be going beyond ease of living to improving quality of life, he said. He stressed his resolve to provide new opportunities to the neo-middle class that has just come out of poverty. We will provide more strength to the ‘Modi Kavach’ of Social Justice”, he adds. 

Highlighting the government’s support for those who have arisen out of poverty, Modi says,” The free ration scheme, Ayushman scheme, 80% discounts on medicines, PM Samman Nidhi for farmers, pucca houses for the poor, tapped water connections and construction of new toilets will continue at a fast pace.” Modi 3.0 will leave no stone unturned to strengthen the foundations of Viksit Bharat, he adds.  

Modi further says that in the next 5 years, the world will witness the capabilities of Indian youth in every international sporting competition; public transport system will be transformed; Atmanirbhar Bharat campaign will attain new heights; Made in India semiconductors and electronics will dominate the world; and the country will work towards reducing energy dependence on other countries. He also mentioned the push towards green hydrogen and ethanol blending, while reaffirming India’s belief in becoming Atmanirbhar in edible oil production.

Follow us on Facebook, Twitter, YouTube & Instagram to never miss an update from Fortune India. To buy a copy, visit Amazon.