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.

PSU performance

M-cap of 81 listed PSUs grows 225% in 3 yrs: FM