New Delhi: Coinciding with the cabinet reshuffle, the Department of Public Business Body (DPE) has now been part of the Ministry of Finance in what is seen as a step to accelerate the process of privatization and train greater financial control over the company managed by the state.
Over the years, the DPE is part of the ministry of heavy industry, with a separate department carved for public companies.
During the Atal Regime of Bihari Vajpayee and Narendra Modi, the two departments have a joint minister, usually BJP allies.
On Tuesday, the Cabinet Secretariat changed the allocation of business rules and moved the DPE under the direct control of Finance Minister Nirmala Sitharaman, who also had the Department of Investment and Management of Public Assets (Depam) under his accusation.
In fact, a few years ago, part of a business with a DPE was also transferred to a Dipam because mod administration tried to use innovative financial instruments to mopping more resources from public sector companies.
The department will oversee the function of 36 PSU, regardless of problems such as heavy and car techniques, giving the Minister of Finance to oversee the supervision of policies related to several major manufacturing sectors.
The change occurred when the program privatization program moved slower than expected, partly because of the second wave of Covid.
In addition, the rope of the rope of the public sector company will enable the Ministry of Finance to extract more funds right when it lacks resources.
In addition, it can encourage through other expenses and decisions at once when increasing capital expenditure has become the main focus area.
The Ministry of Finance has grown to be a major service for the past few years by DIPAM (Department of Disinvestment, in the previous Avatar), while the Ministry of Financial Services grew from being a division in the Ministry to the Independent Department.
In addition, in 2014, Modi has added the Corporate Affairs Ministry to the FM portfolio, which initially consisted of the income department, expenditure and economic affairs.
Now, FM will have six secretaries who report to him, regardless of the head of the economic advisor.
On Tuesday, the Cabinet Secretariat also announced the establishment of the Ministry of Cooperation.
Public business department brought to the Ministry of Finance
