The government will frame a policy where private entities are allowed to participate in all sectors, Finance Minister Nirmala Sitharaman said on May 17.
The government will also notify a list of strategic sectors where the presence of public sector enterprises (PSEs) is required.
In strategic sectors, at least one enterprise will remain in the public sector but private sector will also be allowed, Sitharaman said.
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In other sectors,PSEs will be privatised, the Finance Minister added.
Companies in areas such as arms and ammunition, atomic energy and CPSEs are categorised as strategic CPSEs.
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