Despite privatisation, fantastic growth in PSU sector: Vinit Goenka

Governance Now fourth PSU Awards: PSUs have had a major role in the socio-economic development of the country and the entire GDP depends on it.

GN Bureau | December 24, 2016


#IT taskforce   #preferential market access   #CSR   #highways   #GDP   #shipping   #Vinit Goenka   #PSU  
Vinit Goenka
Photo: Arun Kumar

We need to build a strong country through a strong PSU community, said Vinit Goenka, member IT taskforce, ministry of shipping, road transport and highways in his opening address at the Governance Now fourth PSU Awards ceremony held on Friday in Delhi.

He said, “I would like to focus on the PSU committee which is the foundation of our country. Even with privatisation, there is fantastic growth in the PSU sector”. He added that in 1951, there were only five PSUs and now it has increased to 298, worth Rs 10,000 crore. “PSUs have had a major role in the socio-economic development of the country and the entire GDP depends on it,” he added.

READ: PSUs are a great tool for economic development: Babul Supriyo
 
Describing the business setup of the country, he said that with a population of 125 crore people, India has thousands of people inspiring to be entrepreneurs who want to have their own businesses. But they don’t have basic funding. 
 
He said, “The PMA factor [preferential market access] has not been discussed in detail. There are thousands of MSMEs and fantastic start-ups and innovatives in the country, but who will fund them? Do we want everyone to be an employee? It is our responsibility that we make use of CSR [corporate social responsibility] to fund their innovation and with PMA, secure their businesses”. 

READ: PSU, technology are pivotal to India’s growth story: Experts
 
He highlighted the need to build a strong country with a strong PSU community. 
 
He adds that PSU vocabulary is different from the one we have studied at school. He said, “PSU (categorization) jump from ‘L-1, L-2’ straight to ‘T-1, T-2’. They are missing ‘M’ for men, ‘N’ for new ideas, ‘O’ for opportunities and ‘P’ for personal touch. We have to put in these ‘MNOP’ into our operations.”

 

Comments

 

Other News

Stories to read over the weekend

At one time these pale rooms of the Delhi commission for women looked like sleepy corners of officialdom; they are now best described as a bustling sarkari office. The woman who transformed this moribund organisation hardly looks like a powerful leader. Dressed in casual blue jeans and loose deni

Tata Trusts, PFA to build state-of-the-art veterinary hospital

Tata Trusts and People For Animals (PFA) announced their collaboration to build a state-of-the-art, multi-specialty veterinary hospital and emergency clinic at Navi Mumbai to serve the needs of all domestic and farm animals at affordable rates.   The hospital will be built in Kala

The shot just got smarter

A long queue of women, infants in their arms, extends outside the immunisation room at the community health centre (CHC) in Bhangel village, Noida, a pink double-storey building beside a bustling market. Unmindful of the chit-chatting and baby babble, Mariamma Samuel, an auxiliary nurse-cum-midwi

Do you think fugitive industrialist Vijay Mallya will be extradited from Britain to India?

Do you think fugitive industrialist Vijay Mallya will be extradited from Britain to India?

Reform first, privatise later: Bibek Debroy to railways

Before privatisation and corporatisation, the Indian Railways need to undertake major reforms including commercial accounting, decentralisation and human resource among others, said Bibek Debroy, economist and member, NITI Aayog at Railways Reforms and Governance Conclave organised by Governance Now on Fri

NTPC plans for 32 GW installed capacity via renewable sources

NTPC Ltd has raised Rs 2,000 crore through green masala bonds in overseas market under its $4 billion medium term note programme, union minister Piyush Goyal informed the Lok Sabha. The proceeds of these bonds will be used for financing renewable energy projects in accordance with applicable

Video

हमेशा रहें चुनाव के लिए तैयार - मोदी ने कहा सांसदों से

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter