The combined market cap of 81 listed Public Sector Undertakings (PSUs) including banks and insurance companies has grown by 225% in the last three years, aided by the government’s higher capital expenditure, better capital management and professionalism, finance minister Nirmala Sitharaman said on Wednesday.
In a rebuttal to Congress and Rahul Gandhi’s claim that PSUs are being “dismantled” and are in disarray under the Modi government, in a post on ‘X’, Sitharaman said the facts reveal a very different picture.”
PSUs which suffered and were neglected by the Congress-led UPA government, such as Hindustan Aeronautics Limited (HAL), have seen a resurgence under the Modi government, she said.
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“HAL’s market valuation has skyrocketed by 1370% in merely 4 years, rising from ₹17,398 crore in 2020 to ₹2.5 lakh crore as of May 7, 2024. HAL on 31st March 2024 announced its highest-ever revenue of more than Rs 29,810 crore for FY24 and has a robust order book of over Rs 94,000 crore. These figures hardly suggest a “weakening” institution but rather one experiencing significant fortification,” Sitharaman wrote. “Contrary to @RahulGandhi’s claim, it was the Congress party that left India crippled, relying heavily on imports rather than empowering our own institutions like HAL.”
Total market cap of all 81 listed PSUs (62 CPSEs, 12 PSBs, 3 Public Sector Insurance Companies and IDBI Bank) has grown by 225%, she said.
Returns by Nifty CPSE of nearly 78.8% have significantly outpaced NIFTY 500 (27.4%) and NIFTY 50 (22.5%). Market Cap of 12 listed PSBs has increased 2.95 times (195%) from Rs 5.45 trillion as of March 31, 2021 to Rs 16.12 trillion as of March 31, 2024.
Notably, 15 CPSEs have experienced an impressive CAGR ranging from 76% to 100%, reflecting substantial value appreciation and investor confidence. Additionally, 25 CPSEs have demonstrated strong growth with a CAGR ranging between 51% to 75%, while 28 CPSEs have shown steady expansion within the range of 26% to 50%.
Similarly, said the minister, the Modi government’s initiatives have helped the PSBs to recover from the banking crisis created by the UPA. Gross NPAs in PSBs have fallen to decadal lows of 3.2% and profits are at record highs, even as the push to financial inclusion brings formal banking to every corner of the country.
She also said false claims also were made with respect to people losing jobs after disinvestment. Post-privatisation, Air India has seen significant growth in employment opportunities, with over 7500 new employees (both flying and ground staff) having joined the company since privatization, Sitharaman said.
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