India’s prime minister Narendra Modi on Monday said his administration had managed not only to change people’s mind-sets towards state-run enterprises but also helped companies like Air India and Shipping Corporation of India (SCI) to make operational profits.
“Public sector companies were always seen as ones that make losses and eventually close down. We changed this mind-set. We managed to bring several public sector companies out of the woods,” Modi said at an Independence Day address in New Delhi.
Modi said many had thought SCI would never make profits again. “No one thought that Shipping Corporation of India would be able to make profit, but it is,” he said.
The company has been in the black for more than a year now and the shipping ministry has just given SCI the go ahead to dive into the secondhand market and snap a raft of vessels.