CPSEs can play a big role in bringing India into the top 3 economies: Kumaraswamy

New Delhi: The Ministry of Heavy Industries (MHI) a conference on Annual Performance Review of Central Public Sector Enterprises (CPSEs) at Vigyan Bhawan August 30, as part of the Ministry's ongoing efforts to evaluate the efficacy of CPSEs towards fulfilling their core objectives. The conference was chaired by Union Minister for Heavy Industries and Steel, HD Kumaraswamy. Kamran Rizvi, Secretary of Heavy Industries, senior officers of MHI and CMDs of the CPSEs under the administrative control of this Ministry participated in the Conference.

PSU Watch is now on Whatsapp Channels. Click here to join

In his keynote address, Union Minister Kumaraswamy emphasized the pivotal role of PSUs and said that PSUs can play in achieving the government's ambitious goal of making India one of the top three global economies. He highlighted that the Ministry of Heavy Industries bears the responsibility of actualizing the Prime Minister's vision, particularly in the engineering and automotive sectors. Currently, India ranks among the top five largest economies globally, and PSUs are expected to accelerate their contributions to national development, ensuring that growth is both sustainable and environmentally friendly.

Kumaraswamy further reiterated the government's commitment to building a self-reliant and economically powerful nation under the leadership of Prime Minister Narendra Modi. He pointed out that initiatives like the Production Linked Incentive (PLI) schemes for the automotive sector, the FAME scheme to promote electric vehicles, and enhancements in capital goods have significantly strengthened domestic manufacturing capabilities.

The performance review was conducted through the Memorandum of Understanding (MoU) evaluation system, which assesses each company's performance against its stated objectives. This evaluation system has proven effective in helping CPSEs align their efforts with national priorities and focus on achieving tangible results.

The Minister also stressed the importance of continuous efforts toward indigenization in line with the Prime Minister's vision of 'Viksit Bharat – 2047.' He called for the avoidance of cost escalations and emphasized the timely completion of projects of national significance. Kumaraswamy described CPSEs as the backbone of India's economy, noting that they are not merely commercial entities but strategic national assets crucial for providing critical infrastructure, services, and industrial capabilities. Their performance, he stated, is vital for supporting India's development agenda, enhancing self-reliance, and strengthening global competitiveness.

During the event, CMDs from several CPSEs, including BHEL, B&R, EPIL, BBJ, AYCL, HEC, CCI, HMT Ltd, and others, presented on their 'MoU Performance and Way Forward.'

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)