Government must give public sector enterprises freedom and flexibility to grow and make them board-managed to take on their private rivals, NITI Aayog CEO Amitabh Kant said today.
“We must give the public enterprises the freedom and flexibility to grow. All these companies must become board managed. You make these companies board managed, they will take on the private companies and beat them hollow”, Kant said at the Yes Bank National CFO Forum event here today.
“We must build professionalism. Government has played around with these companies far far too long. From government, we must keep our hands off. Allow a very high level of professionalism to be built,” Kant said.
He also said that Make in India cannot succeed without public enterprises playing a very critical and major role.
“Right across the sectors, the public sector has done extremely done,” he added.
Kant also said that despite India growing at the fastest pace in the barren landscape of global growth, the challenge really is to open up the vast sector of the Indian economy.
Replying to a question, the NITI Aayog CEO said: “If you want your pubic sector to grow, prosper and drive India’s growth allow them to take the private sector at the arm’s length. Singapore has done that… and after doing that if the public sector is not able to compete, then allow them to die but give them the freedom”.