Tuesday, October 4, 2022

‘Healthy PSUs should ‘hand-hold’ those ‘on ventilator’’

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New Delhi: Union Minister for Heavy Industries and Public Enterprises Arvind Sawant urged public sector undertakings (PSUs) that are in good financial health to “hand-hold” those companies that are “on ventilator.” Citing the example of the salt-to-steel conglomerate Tata Group, Sawant said that PSUs have never thought of diversification and urged them to make efforts in this regard.

Sawant was speaking at an awards ceremony organised by Dun and Bradstreet to recognise the work done by PSUs across sectors.

‘Think of something right now’

Sawant said that since the manufacturing of internal combustion engine vehicles requires more manpower, job losses are likely once the country switches to electric mobility. He also urged the PSU sector to brainstorm on curbing job losses emanating from the transition.

“When we talk to electric vehicles running on batteries, the import of petrol will reduce. Companies’ turnover will also get reduced.
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Think of something right now,” Sawant told the public sector companies.

‘Perception of PSUs not good’

Remarking that the perception towards PSUs today was not good, Sawant asked them to establish a forum and accord preference to other state-run firms for availing various services whenever required.

“To achieve the target of making India a $5-trillion economy, the government would like the GOEs (government-owned enterprises) to play a bigger role by increasing their contribution to 10 percent of GDP from the current level of 5 percent,” Manish Sinha, Managing Director, Dun and Bradstreet India, said.

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