Prime Minister Narendra Modi said the net worth of public sector utilities has seen a big jump, while their performance has steadily improved in the last 10 years of his government.
"The people's trust in the PSUs has increased in the last 10 years and so has their performance," Modi said in the Rajya Sabha on Wednesday, replying to the President's address.
The net worth of PSUs jumped to Rs 17 lakh crore in 10 years from Rs 9.5 lakh crore. The net profit was around Rs 1.25 lakh crore in 2014 and now it is Rs 2.5 lakh crore, the Prime Minister said.
Opposition parties spread misinformation on PSUs like Life Insurance Corp. of India and Hindustan Aeronautics Ltd., he said.
"LIC shares are hitting a record high today," the PM said, referring to the insurer's market capitalisation crossing the Rs 6 lakh crore mark after its shares surged over 8% to an all-time high on Monday. The state-owned insurer's share price also crossed the Rs 1,000 mark for the first time.
"The BSE PSU index has doubled in value in the last year," Modi said. The index has gained 94.8% since February 2023.
PSU bank stocks advanced at around 3 p.m. when Modi made his parliamentary remarks, adding Rs 84,000 crore in market cap on Wednesday. The Nifty PSU closed 2.86% higher.
Indian Overseas Bank and UCO Bank shares surged close to 20%. Central Bank of India stock gained over 14%, while Bank of Maharashtra shares rose 12% intraday.
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