Banking To Be Part Of Strategic Sector Of Privatisation, Says CEA

CEA K Subramanian said banking will be part of strategic sector of privatisation

Banking will be part of strategic sector for privatisation, Chief Economic Adviser (CEA) K Subramanian, said on Thursday, throwing light on the government’s new policy for public sector enterprises (PSEs). Mr Subramanian was addressing the media on projections on Indian economy by ratings agencies Fitch and Standard and Poor’s (S&P) via video conferencing. The CEA also said that the work to identify strategic and non-strategic sectors is still under progress. His comments come after Finance Minister Nirmala Sitharaman last month said that there will be a maximum of four public sector companies in strategic sectors under a new policy that will be formulated by the government for PSEs.

According to news agency PTI, Mr Subramanian also said that economic growth this year will depend on when recovery from the economic shock of COVID-19 takes place, adding that it is uncertain whether that takes place in the second half of this year or next year. He also said finance ministry is keeping under consideration all options such as deficit monetisation and evaluating their pros and cons.

Commenting upon the projections made by ratings agencies, Mr Subramanian said reforms undertaken by India are being acknowledged by them and that it is a critical element for growth next year.

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