Central Public Sector Enterprises are poised to grow even faster and make its mark in the global arena in future, feels Shri Vilasrao Deshmukh, Hon’ble Union Minister of Heavy Industries and Public Enterprises, Government of India. He was speaking at the Summit on Indian Public Sector Agenda @ 2015 organized jointly by the Department of Public Enterprises, Ministry of Heavy Industries and Public Enterprises, GoI and Indian Chamber of Commerce held at New Delhi.
The Minister stated that for the economy to strike and maintain 9% GDP growth, PSEs will have to continue to play an important role in critical sectors like power, transportation and manufacturing. Further, he felt that to survive in this competitive business environment, the PSEs need to scale up its operations significantly and expand its activities in foreign shores. To make its presence felt in international market, he suggested that PSEs need to aggressively acquire foreign companies offering greater synergy in product mix and market share.
He also mentioned that to infuse much needed financial resources to fund its expansion plans and to reign in transparency and accountability in PSE ranks, the Ministry is encouraging listing PSEs on the stock markets as this would unlock the true value of the company. Further, he is hopeful that the Government will comfortably achieve the Rs 40000 crore target, which it has set for itself, from divesting stake in PSEs. Shri Deshmukh, in his speech, also reiterated that he is committed to giving PSEs greater flexibility and autonomy they require to operate effectively in a competitive environment.
Also seen attending the Summit was Mr Elamaram Kareem, Hon’ble Minister of Industries, Government of Kerala, who felt that the global financial meltdown has indeed questioned the genuineness of the philosophy of unfettered privatization, superiority of market forces and unbundling of the public sector that was predominant in the economic sphere since the early 1990s. Applauding the role of the PSEs in contributing to the state exchequer and providing large scale employment, he was of the opinion that the Navratna and the Miniratna companies have made significant turnover and have remarkably performed in their CSR activities.
In sync with the Central PSEs, Mr Kareem also informed that the State level PSUs in Kerala have played a noteworthy role in reviving the economy of the state, especially in the last 4 years. With the number of loss making state PSUs having brought down to 5 in the previous fiscal, the Minister expressed optimism that all the concerned state PSUs will turn profitable during the current fiscal. Amongst other eminent personalities who attended and addressed the Inaugural Session included Mr Bhaskar Chatterjee, Secretary, Department of Public Enterprises, GoI; Dr U D Choubey, Chairman – Summit and Director General – SCOPE; Mr Jayanta Roy, President, ICC; Mr Arup Roy Choudhury, CMD – NTPC Ltd; Mr Partha S Bhattacharyya, Chairman – Coal India Ltd and Mr R S Sharma, CMD – ONGC Ltd. During the session, ICC PSU Excellence Awards were given away to select PSUs to acknowledge their outstanding contribution in various categories namely Best Financial Performance (ONGC & NTPC); Good Corporate Governance (ONGC); Best Human Resources Management (SAIL); R&D, Technology Development and Innovation (SAIL); Environmental Excellence & Sustainable Development (Oil India Ltd) and Corporate Social Responsibility & Responsiveness (NMDC). Mr Partha S Bhattacharyya of Coal India Ltd was conferred the CEO of the Year by the Jury. In addition to this, the Session witnessed an engaging panel discussion which focused on the role played by PSUs in India’s industrial growth and the way they spearheaded the process of economic recovery in the country.
The panel interaction was moderated by Mr Roopen Roy, MD, Deloitte Touche Tohmatsu India Pvt Ltd. Some of the key points which were discussed at length related to the issues of corporate governance; succession planning; timely implementation of government projects; talent acquisition, management and retention; CSR activities; overseas investment and expansion; ways to facilitate public-private partnership in providing fundamental services to the mass and chalking out a strategy to restructure and revitalize the sick PSUs in the country. Mr Shrivardhan Goenka, Senior Vice President, ICC rounded up Session and delivered the Vote of Thanks wherein he expressed unbounded optimism in the growth of the public sector, both in the domestic front as well in the global platform.
