The public sector undertakings (PSUs) in strategic sectors should look at scaling up prospects, use of know-how, and set recent benchmarks for PSUs world wide, Finance Minister Nirmala Sitharaman mentioned.
“The clear identified core sectors in which public sector would remain will have to now look at opportunities, newer areas of development, scaling up possibilities, and looking at ways in which you can benefit from web 3.0, industrial revolution 4.0, deep diving into deep data,” Sitharaman mentioned on the Azadi ka Amrit Mahotsav celebration in Gandhinagar.
Sitharaman mentioned PSUs should derive most profit from newer tech to scale up their efficiencies within the subsequent 25 years to go international and set a recent benchmark for public sector enterprises anyplace on this planet.
According to the Public Sector Enterprises coverage, 2021, strategic sectors — the place the federal government intends to maintain naked minimal presence — embrace power, telecom, energy, banks, and minerals.
Sitharaman requested the Department of Public Enterprises (DPE) to have interaction with public sector enterprises (PSE) in strategic sectors to discover scope for enlargement, amalgamation, and look at non-public sector participation wherever doable.
“It’s time for PSEs to show that you are very keen to improve on your professionalism as much you have done between 1991 and now. And where possible also bring down overheads and look at private participation together with what you are doing. There are several aspects where you can benefit from the efficiency of the private sector,” Sitharaman mentioned.
The minister mentioned strategic sectors had been recognized based mostly on nationwide curiosity, and the federal government would proceed to have its presence in these sectors.
However, even in these sectors, the doorways are opened for the non-public sector to function. “I would raise a flag for PSEs. The moment you are opening up sectors for private sectors, we in the public sector will have to be conscious of the level of competition before us,” Sithatraman mentioned. With this consciousness, PSUs might be ready to overcome the challenges and guarantee efficiencies lie with them, she mentioned.