In a statement Singh declared, “We are not pursuing privatisation as part of our ideological commitment. India needs a strong private sector as also a public sector. PSUs like Gail and ONGC will remain in the public sector. There is no intention to privatise them.”

“We will not do anything which will throw a large pool of workers jobless. The interest of the workers must be protected,” added the PM.

Singh, a former Finance Minister, was not, however, against the PSUs raising capital through shares. He is also, apparently, not completely against disinvestment … if the need arises.

“While remaining as public enterprises, if [the PSUs] want to raise resources through disinvestment or through sale of equity, they are most welcome. Wherever Public Sector enterprises want to compete with private sector in domestic and foreign, there is no reason why they should not be allowed to go forward,” said Singh.

“If they can’t compete at equal footing with the private sector or become a drag on the exchequer, then privatisation may help by all means,” added Singh.