INDIA INC ON PRIVATISATION: SEE EXCITING OPPORTUNITIES

A day after Prime Minister Narendra Modi said the "government has no business to be in business", India Inc on Thursday said privatisation except in strategic sectors would unleash exciting opportunities, boost investments in infrastructure and create jobs.

However, the industry called for an effective implementation of road map towards privatisation and asset monetisation, cautioning that regulatory and legal hurdles should not derail the process.

FICCI President Uday Shankar said senior government functionaries and other officials responsible for the execution of the programme would adopt a highly cautious approach in case they are not insulated from the outcome of their bona fide decisions.

"Wisdom gained in hindsight should not be used to question the judgement of the decision-takers and such officers should be offered protection for their action done in good faith," he said.

The FICCI president emphasised that the quality of the asset is as important as the credibility of the process. In addition to being fair and transparent, the process should have smooth sailing and adhere to projected timelines, Shankar said.

He also stressed that asset valuation is contextual and price discovery through an objective and transparent manner should be acceptable.

Modi on Wednesday said the government has no business to be in business and his administration is committed to privatising all public sector undertakings (PSUs) barring the bare minimum in four strategic sectors.