Union Finance Minister Nirmala Sitharaman on Thursday asked public sector enterprises to improve professionalism, reduce expenditure and consider working with private sector entities.
He was addressing the heads of various Central Public Sector Enterprises (CPSEs) at Mahatma Mandir in Gandhinagar after inaugurating a mega exhibition on the contribution of these state-owned companies to nation-building as part of Azadi Ka Amrit Mahotsav celebrations. Was being
“Now is the time for PSUs to show that you are much more eager to improve your professionalism than you have done between 1991 and now. And where possible, to reduce overheads, this private partnership Might be worth looking at. With what you’re doing… you can benefit from the efficiency of the private sector,” Ms Sitharaman said.
Referring to the new PSE policy announced in 2021, the Finance Minister said that the public sector undertakings should be aware of competition from the private sector to whom the government has opened up strategic sectors.
“The policy has opened up for private sector operations, and hence, I will raise a flag here for all PSUs. The moment you are opening up the private sector to come into a sector, we will be in the public sector at the same level of competition. To be aware of what is going to happen before us. And if we are conscious of the level of competition, I am sure, like you have done in the past for many decades, you will rise to the challenge, and stand up and be at the top instead of giving up space through better efficiency,” the Finance Minister said.
He termed the economic reforms introduced in the country in 1991 as a “game-changer”.
“With the opening up of India after 1991, PSUs started competing with private sector entities. You found that to be a game-changer as PSUs realized that they now had to improve their capacity. will have to be done, on a large scale and the overheads will have to be reduced,” he said. Told.
The exhibition titled “Nation Building and CPSEs” has stalls of around 75 Central Government companies like Coal India, GAIL India, NTPC, Steel Authority of India Limited and Indian Oil Corporation Limited. The exhibition will be open to the public from June 10. from 12.