Prime Minister Narendra Modi on Wednesday made a strong pitch about the contribution of private sectors and the importance of disinvestment and said that the 'government has no business to be in business.'

Modi said the government's Union Budget has put forward a clear roadmap to take India back to the high growth trajectory.

He added that the budget also focuses on the strong contribution of the private sector in India's development while stressing on the importance of Disinvestment and Asset Monetization.

"The time and needs of the country when the public sector enterprises were started were different from today. The biggest goal of these reforms is to properly utilize the public money," said the PM.

"Many public sector enterprises are loss making and are supported by taxpayers’ money and due to this the economy is also burdened. Public sector enterprises need not be kept running just because they've been running for so many years."

"It is the responsibility of the government to give full support to the enterprises of the country but at the same time, the government has no business to be in business," Modi said.

Modi said that the focus of the Government should be on the welfare of the people and on development-related projects.

"The effort of our government is to improve the standard of living of the people, besides reducing the government's unnecessary interference in the lives of the people," said Modi. 

(IBNS)