New Delhi: Prime Minister designate Manmohan Singh today (May 20, 2004) said Oil and Natural Gas Corporation (ONGC) and Gas Authority of India (GAIL) would not be privatised.

"We are not pursuing privatisation as part of our ideological commitment. India needs a strong private sector as also a public sector," he told reporters in New Delhi.

"PSUs (Public Sector Undertakings) like GAIL and ONGC will remain in the public sector. There is no intention to privatise them. Similarly there are nationalised banks, which will remain in public sector. These will not be privatised," he said.

He said, "We will not do anything which will throw large pool of workers jobless."

Singh said, "While remaining as public enterprises, if they (PSUs) want to raise resources through disinvestment or through sale of equity, they are most welcome."

Wherever public sector enterprises want to compete with private sector in domestic and foreign, there is no reason why they should not be allowed to go forward, the Prime Minister designate said.

"If they can't compete at equal footing with the private sector or become a drag on the exchequer, then privatisation may help by all means," he said.

"But the interest of the workers must be protected," Singh said.