In what could be called a watershed moment in India's political economy, Prime Minister Narendra Modi has not only made a strong pitch for privatisation, he has also mounted a powerful defence of the role of private enterprise and wealth creators.

Speaking in the Lok Sabha on Wednesday, Prime Minister said bureaucrats should not be in-charge of running everything in the country -- from factories to refineries to airlines.

These comments come after the budget laid out the blueprint for the government's divestment programme, in which it intends to keep only 4 public sector undertakings (PSUs) in sectors that are considered strategically important.

The Prime Minister also slammed the culture of distrusting private enterprise. He said, “Wealth creators are required in the country. How else can wealth be distributed? Who will create employment?”

Prime Minister's remarks are being seen as a marked departure from the past when governments were reluctant to blatantly associate with or endorse private enterprises. It also gains significance as it comes at a time when the government is facing backlash for its pro-business stance in the farm laws.

RC Bhargava, the chairman, of Maruti Suzuki and Rajnish Kumar, former Chairman, of State Bank of India (SBI) discussed PM Modi's privatisation pitch.

“This is an absolute game changer for the economy of this country,” said Bhargava.

“...Both in the budget and now in the parliament, the government has very clearly stated that they will trust the private sector to take forward industry and the economy in the country. I think it is exceedingly important for us.”

According to Kumar, “It is a very positive signal and I have always believed and advocated that we cannot rundown the value creators and if there is a wealth only then it can be distributed.”

For entire discussion, watch the video...

(Edited by : Bivekananda Biswas)