Public sector has failed; private sector will take India ahead: Sajjan Jindal

Business tycoon Sajjan Jindal believes it is the private sector, not the public sector, that will take India ahead because “accountability and profitability” matter.

The chairman of JSW Group made the remarks on Tuesday (February 21) after inaugurating the JSW School of Public Policy’s new building — a state-of-the-art multi-facility centre — on Indian Institute of Management Ahmedabad’s (IIM-A) new campus.

“India on $10-trillion-economy path”

Jindal said India was on the path of becoming a USD 10-trillion economy in the next 10 years, but the country needs to adopt a “modern thought process” not driven by socialism or a notion that only the public sector can deliver.

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“…we used to talk about a country becoming a USD 5-trillion economy. But today we are talking about USD 10 trillion, (which should be) visible in the next seven to 10 years. The country is growing at break-neck speed. So, we need a modern thought process, which is not driven by socialism or an idea that only the public sector can deliver growth in the country,” said Jindal.

“In my view, it’s the private sector that will propel this country to a different level. Because worldwide, the public sector has failed. And I am a very strong proponent of the government not doing business. Not because I belong to the private sector. It’s because ultimately it is the accountability and profitability which matter,” he said.

“Private sector will take country to different level”

The businessman added that it is the private sector and public listed companies that “finally deliver and take the country to a different level”.

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“The government and bureaucracy’s role is to govern, to regulate the system. We need to encourage the government to bring in bureaucrats, IAS officers for training and retraining. There should be a refresher course where new ideas, what’s happening in the world, are discussed and debated and then implemented when they go back,” he said.

Pankaj R Patel, chairman of IIM-A Board of Governors, and Sangita Jindal, chairperson of JSW Foundation, were among those who attended the event.

(With agency inputs)