Vision of USD 5 trillion economy can be achieved via active collaboration of public, pvt sector: Sitharaman

Union Finance Minister Nirmala Sitharaman on Tuesday said that to achieve India's vision of a USD 5 trillion economy it is imperative to strike a right balance between fiscal imperatives and socio-economic welfare which can only be achieved through active collaboration between public and private sector.

The Finance Minister was heading the National Workshop with States and Union Territories on Asset Monetization orgsed by the NITI Aayog through a virtual conference in the national capital today.

Sitharaman during the meeting underlined the Union government's resolve for value creation and improvement in productivity of brownfield infrastructure assets through innovative instruments.

"Materialising India's vision of a USD 5 trillion economy, while striking the right balance between fiscal imperatives and socio-economic welfare, can only be achieved through active collaboration between the public and private sector," the Minister said.

The monetisation of Central Public Sector Enterprises assets is based on the principle of value creation for the government and investors and would bring about a paradigm shift in infrastructure.

"Asset Monetisation needs to be viewed not just as a funding mechsm, but as an overall strategy for bringing about a paradigm shift in infrastructure augmentation and maintenance," she said.

The Finance Minister observed that asset monetisation is based on the principle of Value Creation for the Government and Investors. Our vision for Infrastructure is ultimately of, for and by our States, without whose collaboration, holistic development of infrastructure is neither feasible nor impactful.

( With inputs from ANI )