FM Sitharaman: PSUs play important role in the development of the country

Gandhinagar: Union Finance Minister Nirmala Sitharaman here on Thursday said that Public Sector Enterprises (PSUs) have contributed a lot in multidimensional development of the country.
Union Minister and Chief Minister of Gujarat Bhupendrabhai Patel inaugurated an Exhibition on ‘Contribution of CPSEs to Nation-Building’ at Mahatma Mandir, Gandhinagar in Gujarat as a part of ‘Azadi Ka Amrit Mahotsav’ (AKAM) week celebration by the Department of Public Enterprises (DPE), Ministry of Finance, according to a statement issued by Ministry of Finance.
The Union Finance Minister congratulated DPE for organizing the Exhibition successfully and stated, “Tracing back history, PSEs began with a very clear understanding to undertake big investment, infrastructure development as long-term projects for the country that just came out of colonial rule,”
The journey of PSUs started from the year 1947 and these undertakings have been contributing continuously in raising the Indian economy till date. As a result of globalization, liberalization and privatization, the entrepreneurs of the country got an excellent opportunity to contribute to nation building, she added.
Sitaraman said that in the Budget for the year 2020-21, ample opportunities have been given to PSUs related to expansion, scaling-up, diversification investments in key sectors. With this, today PSU institutions are competing with the private sector and are gaining global fame, the Union Minister said.
Further, she said, that the intention of the government is to support the contribution of CPSEs in core sectors as per New Public Sector Policy. She also added that to focus on areas of common good, it is necessary for proper utilization of public funds, for capacity building and diversification of public sector enterprises.
“I would strongly recommend that the identified core sectors in which public sector will continue as per the New Public Sector Enterprises Policy of Budget 2020-21, would have to now look at opportunities, newer areas of development, scaling up possibilities, and looking at ways in which CPSEs can benefit from Web 3.0, Industrial Revolution 4.0, and deep data diving,” Sitharaman was quoted as saying by the statement.
In his address on the occasion, Gujarat CM stated, “Azadi ka Amrit Mahotsav celebration conveys the success story of our nation by celebrating 75 years of India’s independence and Public Sector Enterprises have played a multifaceted role in India’s holistic development.” Stating that there are endless opportunities for PSEs and financial development at the Gift City, he invited them to look for opportunities and invest in ‘Gift City’. (UNI)