Mahindra, Jindal welcome PM Modi's private sector pitch as Congress targets industrialists

Prime Minister Narendra Modi on Wednesday highlighted the private sector's vital role in the economy and asserted that the culture of "abusing" it for votes is no longer acceptable. "If the public sector is important, the role of the private sector is also vital," he said during his reply in Lok Sabha to the discussion on the motion of thanks to the President's address.

PM Modi's remarks have earned him praise from two of the most renowned industrialists of India -- Chairman of Mahindra Group, Anand Mahindra and Chairman and MD of JSW Group, Sajjan Jindal.

'Welcome works of encouragement' 

Taking to Twitter, Anand Mahindra on Thursday said, "Welcome words of encouragement at a fragile time for private enterprise due to the pandemic. Now we have to live up to the expectations...both in performance and governance."

Sajjan Jindal also took to the microblogging platform saying that "for the first time ever, an Indian Prime Minister has publicly shared his respect for the Indian Entrepreneurs. "This is a great encouragement for the community that has been creating wealth and jobs in the country." 

PM Modi pitches for private enterprise

Pitching for private enterprises, PM Modi said there should be faith in the abilities of India's young population and everyone should get opportunities. He cited the examples of telecom and pharma sectors to note as to how the robust presence of private firms in these fields has helped people, with even the poor using smartphones, and mobile calls costing virtually nothing due to competitiveness. 

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"If India is able to serve humanity during the COVID-19 pandemic, it is also due to the role of the private sector," he said. "To use improper words against the private sector may have got votes for a few people in the past but those times are gone. The culture of abusing the private sector is not acceptable any longer. We cannot keep insulting our youth like this," he said. 

PM Modi's remarks are also seen as a befitting reply to the Opposition who has been repeatedly throwing the "crony-capitalism" jibe at the Centre. Congress had branded the budgetary announcements "a move to support crony capitalism."

Soon after the Budget presentation, former Congress president Rahul Gandhi alleged that the Narendra Modi government plans to hand over India's assets to crony capitalists through stake sale in public sector companies and financial institutions, including two PSU banks and an insurance company, in the next fiscal. "Forget putting cash in the hands of people, Modi government plans to handover India's assets to his crony capitalist friends," he said after the presentation of the Union Budget.

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(With agency inputs)