PM Modi says his govt encouraging private enterprises wherever possible

Prime Minister Narendra Modi attended a webinar programme on budget allocation for Department of Financial Services where he focused on encouraging private enterprises.

He said, "There is still great scope for the banking and insurance sectors in our economy.

Keeping this in mind, we have taken many steps in this Budget - be it our decision to privatise two PSBs, raising FDI limit to 74% in insurance or our decision to bring LIC IPO.

Our effort is to encourage private enterprises wherever possible.

However, the country needs effective participation of the public sector in banking and insurance."