The Union Budget 2017-18 seeks to spur economic growth through broad-basing economic expansion via “Transform, Energise and Clean India” (TEC India) approach, said Dr. U.D. Choubey, Director General, SCOPE, the apex body of public sector enterprises.
He added that the budget has rightly focused on broad-basing the economic expansion with thrust on transformation of governance, rural development, energizing youth through education and skilling, infrastructure development, digitization, expanding tax base and enforcing greater accountability to eliminate corruption”.
DG, SCOPE said the Budget has reposed confidence in the public sector and has sought greater role in infrastructure development in rural areas, roads, ports, railways etc. Good response to ETF of CPSEs shows greater confidence of public in PSE shares and it would continue to be the preferred disinvestment mode.
Dr. Choubey said special efforts announced by the Finance Minister for oil and gas sector including reduction in custom duty for import of LNG will go a long way towards energy security. SCOPE welcomes the proposal to create an integrated public sector oil behemoth to strengthen PSEs in energy sector in the global market.