Honouring the foundation of Indias economy
The public sector undertakings have firmly established the foundation for the construction of a self-generating industrial economy in India. The PSUs have played a very significant role in the process of nation-building. During the crucial period of 2008 when the nations across the globe were facing the economic meltdown crisis, it was the PSUs which played the key role in steering India’s economy in the right direction. The third edition of the BT-PSU Excellence Awards held in New Delhi on June 19 was in a way a celebration of the achievements of the Indian public sector.
These awards are an effort to recognize the vital contribution of the “unsung heroes” in building a robust Indian economy. In just a period of three years since their conception in 2012, the BT-PSU Excellence Awards which pioneered the trend of recognizing and appreciating the role of PSUs in nation-building have come a long way to become India’s most prestigious, credible and sought-after honour for public sector undertakings. It is evident from the increasing number of entries which the BT is getting every year. When India began the process of liberalizing its economy in the early nineties, many economic pundits raised doubts on the competence of public sector enterprises to face challenges from local and global private entities. Twenty years down the line, the PSUs have shown their mettle and proved the fears and apprehensions of the critics unfounded. Our public sector enterprises have done extremely well and are now poised to grow even faster in the years to come.
There is no denying the fact that some of the PSUs have failed to perform but overall we have ample reasons to believe and be confident on the ability of our public sector to operate in an open environment. The public sector is now facing the challenge of increased domestic and global competition. Today, more and more PSUs are striving hard to become active global players. Over the years, the number of profit-making public sector enterprises has increased steadily. Those which were facing losses are also making a turnaround in a big way under the leadership of visionary professionals and are ready to face new challenges in an increasingly competitive world.
The success story of rural India which recently caught the attention of the private sector could not have been possible without the public sector offering basic infrastructure services to the rural population. Public sector banks have played an important role in the development of rural India by pushing the agricultural economy on to the progressive pathway.
Innovation is the name of the game. The PSUs cannot afford to remain satisfied with the status quo in a world where technology is changing at an unimaginable fast pace. There should be a continuing and sustained effort on the part of the PSUs to improve their performance and productivity by paying increasing attention to research and development and to operate on the frontiers of modern scientific and technological knowledge.
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