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Home arrow News arrow Business News arrow Prime Minister presents MoU Excellence Awards & Scope Awards to PSUs
Prime Minister presents MoU Excellence Awards & Scope Awards to PSUs Print E-mail
Written by Anand   
Thursday, 16 December 2010
New Delhi: The Prime Minister, Dr. Manmohan Singh, presented the MoU Excellence and SCOPE Awards to the Public Sector Management at a function held at Vigyan Bhavan in New Delhi today.

The Prime Minister presented the ‘SCOPE Award for Excellence and Outstanding Contribution to Public Sector Management’ to Mr. B.P. Rao, Chairman and Managing Director, Bharat Heavy Electricals Limited (BHEL).

CSL received the MOU Excellence Award for the year 2008-09 for its outstanding performance under the Memorandum of Understanding (MOU) entered into with the Govt Of India.

"More and more public sector enterprises are now entering the capital markets and receiving encouraging response from investors, including retail investors. The recent public issues of Coal India Limited and Manganese Ore India Limited have been hugely successful. This indicates the vitality and the inherent strength of our public sector enterprise and it also shows that our public sector is now ready to face the test of market scrutiny," the Prime Minister said.

"In some sectors there is also a need for our public sector enterprises to explore global opportunities. In particular, we need to step up our search for raw material assets. The Government is working on a policy to support our public sector enterprises in this effort."

"We need to improve productivity both in our public and private sector. For our public sector enterprises to survive in increasingly competitive times, they must make use of new technology and pay attention to improving corporate governance. Indeed by doing so they will contribute to strengthening our economy and our country. I expect the public sector to be in the forefront of such efforts including the quest for innovation, adventure and enterprise. I expect it not to be satisfied with the status quo and to have the ability and the vision and the courage to adapt itself quickly to the winds of change which are blowing all over the world," he said.

Vilasrao Deshmukh, Minister of Heavy Industries and Public Enterprises said that one of the important reasons, for the excellent performances of CPSEs during the recent years, has been the empowerment of the Boards of profit making CPSEs by the Government. The conducive policy framework laid down by the Government, has facilitated operational freedom to the CPSEs, enabling them to operate on commercial lines and enhance their performance. We will continue our march along with growth path and take appropriate initiatives for enhancing the competitive edge of our CPSEs.

"The quality of its human resource is critical asset to the success of any organization. We must ensure that a vibrant private sector does not deprive our PSEs of our best talent. The Government has put in place an improved system of remuneration. But, the overall working environment in the company has now become an equally important factor for attracting and retaining employees. We must ensure proper succession planning in our companies. We must therefore ensure that we are able to recruit bright young men and women into public sector jobs, and must have the ability to retain them there. I would urge the ministries and the public sector leadership to give serious attention to human resource development issues at all levels," Dr Singh said.

"Our public sector enterprises sometimes feel constrained by the need to follow utmost transparent processes, which may at times impede speedy decision making. This is probably inevitable consequence of the fact that these enterprises have been set up with taxpayer’s money. However, we have been attempting to give increasing autonomy and flexibility to our public sector enterprises. In this context, we have also created a new category of ‘Maharatna’. Four public sector enterprises have achieved this status & hence have been given more powers to take on global competition aggressively. These four ‘Maharatna’ companies, Indian Oil Corporation Ltd., National Thermal Power Corporation Ltd., Oil & Natural Gas Corporation Ltd., and the Steel Authority of India Ltd., are already significant global players and I hope they will use their enhanced powers wisely and play an even bigger global role in the time to come."

He said that the Board for Reconstruction of Public Sector Enterprises presided over by Dr. Nitish Sengupta has examined 67 cases of sick and loss making public sector enterprises and approved revival plans for 59 companies. Today 20 out of these 39 revived cases are showing profits and 11 have made profits for the last 3 years. The mantra of success of these 11 companies has been empowerment and enablement rather than mere financial assistance. More than 1.7 lakh employees have benefitted from these efforts at reconstruction. We must ensure that these improvements are sustained in the long run, and these companies do not need to come back to the government for fresh revival packages.

The ceremony was jointly organised by the Department of Public Enterprises and SCOPE.

 
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