Despite privatisation, fantastic growth in PSU sector: Vinit Goenka -Governance Now

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

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.”

READ: PSUs are in direct competition with private sector: Ram Vilas Paswan

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