By virtue of being some of the largest commercial enterprises in the country, public sector undertakings (PSUs) possess the unique ability to rise above the short-term commercial interest and invest in creating national assets so as to maximise long-term economic gains. Sadly, in spite of standing shoulder to shoulder with the biggest private companies, which are driven solely by the profit motive, this backbone of India’s economy does not receive its fair share of accolades.

In our restore the balance in favour of the temples of modern India, Governance Now has instituted the PSU Awards. Praful Patel, minister for Heavy Industries and Public Enterprises, will inaugurate the first edition of the Awards later today. The function will be held at New Delhi's Le Meridien hotel (Desire Hall) where the PSU glitterati will assemble to celebrate state capitalism, the motto of the yearly Awards to fete PSU performers.

The award has been instituted by Governance Now in collaboration with the reputed Institute for Competitiveness and the India Strategy Group. There are 40 awards to be given under five categories and four classes. The award categories are: (1) Strategic Performance, (2) Human Resource Utilisation, (3) Strategic Turnaround, (4) Capital Asset Utilisation, and (5) Overall Growth and Competitiveness. The four classes of the PSUs are: Maharatna, Navratna, Miniratna category 1 and Miniratna category 2.

There are also five special jury awards for the PSUs that have created lasting impact on India’s economy. A total of 60 nominations have been made and a jury of select experts and independent economists will pick winners from the nominations.

Among the special guests will be Minister for Heavy Industries and Public Enterprises Praful Patel; secretary, department of public enterprises, OP Rawat; and Brand Finance’s Unni Krishnan.