H D Kumaraswamy: Aim to reverse disinvestment decisions to revive PSUs

Bengaluru: Signalling a departure from the Modi administration’s disinvestment plan, Union Minister for Heavy Industries & Steel HD Kumaraswamy is pushing for “re-investment” at public sector undertakings whose revival, he said, is challenging.

“I’m not merely looking to replace the word ‘disinvestment’ with ‘re-investment’. My aim is to bring investments back and revive PSUs,” Kumaraswamy told DH in an interview.

Kumaraswamy, a member of the Cabinet Committee on Economic Affairs, said he is working under Prime Minister Narendra Modi’s Make In India and Atmanirbhar Bharat frameworks to see that PSUs contribute to India’s GDP growth.

Acknowledging the uphill task, Kumaraswamy said it was not Modi, but officers who need convincing. “They (officers) have a different opinion about PSUs,” he said. “There are some decisions made already. I want to reverse such decisions in order to bring reforms and revive PSUs. I’m trying to convince those concerned about this.” 

Kumaraswamy, the Mandya MP who is carrying out his maiden stint in the Union Cabinet, said he has good news in the pipeline as far as his portfolios are concerned.

Pointing out that several PSUs have already shut down and some are on the verge of closure, Kumaraswamy said, “I am trying to revive Hindustan Machine Tools (HMT). Not just that, I’m also making efforts to revive the Visvesvaraya Iron & Steel Plant and the Rashtriya Ispat Nigam Ltd (RINL).” 

After taking charge as Union minister two months ago, Kumaraswamy has held over 50 meetings on reviving PSUs.