Union Finance Minister Claps Back At Opposition’s Attack’s On Divestment | NewsX Exclusive

In a recent exclusive interview, Union Finance Minister Nirmala Sitharaman spoke with NewsX editor-in-chief Rishabh Gulati, elaborating on her recent May 8, 2024, social media post about “divestment.”

In the interview, she defended the BJP government’s decision to divest from HAL, Air India, and NINL, countering attacks from the Congress party regarding the sidelining of Hindustan Aeronautics Limited. She affirmed that since the divestment, not only has their valuation increased, but they have also secured 80,000 orders for developing futuristic products.

Sitharaman emphasized the importance of divestment for the economy, citing the need for more airlines and integrated steel units to serve India better. She stated that if divestment serves this purpose, the government is happy to proceed.

Regarding concerns about job layoffs after divesting public sector companies, Sitharaman clarified that divestment occurred with the condition of retaining jobs and claimed that job numbers have actually increased after divestments.

Divestment refers to a company selling off parts of itself, like branches or investments, to increase the main company’s value. It occurs when those parts aren’t performing as well as expected and can also happen to meet other goals, such as increasing profits or responding to social or political factors.

The BJP government has divested central government establishments, including Bharat Aluminium Company (BALCO), Hindustan Zinc (both to Sterlite Industries), Indian Petrochemicals Corporation Limited (to Reliance Industries), and VSNL (to the Tata group).

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