India will allow private investment in all sectors of the economy

India will allow private investment in all sectors of the economy

The Government of India will allow private companies to invest in all sectors of the economy, even those that were previously reserved only for state-owned companies, Minister of Finance Nirmala Sitharaman declared on Sunday.

“The new Self-Sustained India Programme will be based on the new policy of public sector enterprises. In strategic sectors, at least one enterprise will remain under state control, but the private sector will be also authorized, the Minister of Finance said.

According to the press service of the Government, a list of strategic sectors requiring the presence of public sector enterprises will be published. At least one enterprise in strategic sectors will remain under state control, but private companies may also operate. Public sector enterprises will be privatized In other sectors.

This is the fifth consecutive speech by the Minister of Finance of India, during which she told the details of the plan to support the country’s economy.

Indian Prime Minister Narendra Modi announced on Tuesday that the country’s authorities will allocate 20 trillion rupees (approximately $265 billion) to support the economy in the context of coronavirus. Earlier, Sitharaman spoke about measures to support small and medium enterprises, non-banking and microfinance organizations, as well as workers in the real estate sector and agriculture.

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