New Delhi: There will be no more than one government agency in any case. There will only be a handful of organizations in the most important areas. There are now more than 300 state-owned enterprises in the country. They are being reduced to two dozen. Institutions in non-critical areas will be privatized. Companies that run at a loss will be shut down forever. The policy commission has been tasked with compiling a list of how many companies there will be, how many companies will be sold and closed. The Cabinet will make the final decision on the recommendation of the Policy Commission. Finance Minister Nirmala Sitharaman has identified four key areas by announcing the 2021-22 budget. Those areas are nuclear energy, space, defense, transportation, telecommunications, electricity, petroleum, coal and other minerals, banks, insurance and financial services. There will be a maximum of three or four government agencies in these areas. The government will exit state-owned enterprises in all other areas. As a result, the number of government agencies will be reduced by nearly two dozen. The government will also reduce its stake in banks and insurance companies. Minister of State for Defense Sripad Naik informed that the Ministry of Defense has identified agencies such as BEM8L4, Garden Rich Ship Builders and Mishra Metals for privatization. 24% of the government shares in BEM8L will be sold and the management of the company will also be given to new customers. Garden Rich Ship Builders has a 7.5% stake in the government and a 7% stake in the Mishra Metals Corporation.
