“Government has no business to be in the business,”
Vedanta Resources Chairman Anil Agarwal said if the government reduces its stake in public sector companies and banks to 50 per cent, they will work more efficiently.
Currently there are 14-15 banks and around 40-45 companies in the country where government has a significant stake.
“Today government holds on an average 87 per cent stake in these companies including banks. If they bring down their holding to 50 per cent they will get USD 1 trillion and become much bigger,”