PSUs’ mcap rising under Modi rule: FM

New Delhi: Finance Minister Nirmala Sitharaman on Wednesday said PSUs have suffered under the Congress-led UPA government and previously neglected ones like the Hindustan Aeronautics Ltd (HAL), have seen a resurgence under the Modi government. Rebutting allegations by the Congress party and its leader Rahul Gandhi that State-owned companies are in a disarray, Sitharaman said such claims are a textbook example of the pot calling the kettle black. In a post on X, the Minister said that under the Modi-government, public sector undertakings (PSUs) are thriving, benefiting significantly from the culture of professionalism infused in them along with increased operational freedom. PSUs have suffered under the Congress-led UPA government.

PSUs that were previously neglected under the UPA government, such as Hindustan Aeronautics Limited, have seen a resurgence under the Modi government, she said. “Repeated claims from “the @INCIndia ecosystem and @RahulGandhi in particular that Public Sector Undertakings (PSUs) are being dismantled & are in disarray under the current government are a textbook example of ‘Ulta Chor Kotwal Ko Daante’ (pot calling the kettle black), as the facts reveal a very different picture,” Sitharaman asserted.

Accusing Gandhi of ‘maliciously’ attacking HAL, Sitharaman said, contrary to his claims, HAL’s market valuation has skyrocketed by 1,370 per cent in merely four years, rising from Rs17,398 crore in 2020, to Rs2.5 lakh crore as of May 7, 2024. HAL on March 31, 2024 announced its highest-ever revenue of more than Rs29,810 crore for FY 2023-24 and has a robust order book of over Rs94,000 crore.