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Vigyan Bhavan, New Delhi : 11.04.2016

I am delighted to be with you here today on the occasion of the 7th"Public Sector Day”. I would like to begin by thanking the Standing Conference of Public Enterprises (SCOPE) and Department of Public Enterprises (DPE) for their meticulous organization of this function every year since its inception in 2010. I would in particular like to compliment DPE and SCOPE for recognizing Central Public Sector Enterprises (CPSEs) for the efforts put in by them and their achievements in inculcating leadership qualities. It is also a matter of satisfaction that the role of women in CPSEs is being recognized and acknowledged through presentation of a special citation for Outstanding Woman Manager in CPSEs.

2. The contribution of the Indian Public Sector in ensuring balanced economic and industrial development cannot be over emphasized. The public sector has grown exponentially since independence in all metrics of measurement be it in terms of numbers, diversification, volume of investment and global presence. These achievements become even more significant when viewed in the backdrop of lack of capital and entrepreneurship skills in early years of post independent India, reluctance of private players to set up capital intensive industries having a long gestation period and the need for generating employment and ensuring balanced socio-economic and regional development of the country. It is a truism that at most times, early on, the profit motive was eschewed in preference to the broader objective of overall societal development.

3. The Minister of Heavy Industries & Public Enterprises and other dignitaries have very ably elucidated various accomplishments of CPSEs over the years as also the policy initiatives taken by Government to further improve the performance of CPSEs. I compliment the DPE & SCOPE for their proactive role in taking new initiatives to revamp and reinvent public sector management policies aimed at ensuring sustained long term development of CPSEs, enhanced autonomy to PSU Boards, Corporate Governance and CSR. Such periodic policy reviews and course corrections help in dovetailing the priorities of Government with the working of CPSEs and produce a synergistic multiplier impact on the growth of the economy.

4. As per available data, during 2014-15, PSEs could register a growth of 7% in Paid up Capital & Capital Employed; 10.5% in total investment and 20% in total market capitalization as compared to the previous year. On an average during the last 3 years from 2012-13 to 2014-15, operating PSEs could earn an overall net profit of Rs. 1,15,426 crore, generate Gross Turnover/ Revenue of Rs. 20,02,591 crore and pay dividend of Rs. 57,115 crore. The contribution of the PSEs in the nation’s economy has, thus, continued to be significant year after year.

5. The Prime Minister and the Government have outlined an ambitious and clear vision for inclusive development of the country. Programmes like "Make in India”, "Skill Building”, "Digital India” and "Swachch Bharat” are the cornerstones for the future development of India. It gives me immense pleasure to note the PSE’s contributions towards these national priority areas. I compliment SCOPE for bringing out a comprehensive Compendium showcasing the CPSEs contributions towards these initiatives.

6. Our CPSEs have played an important role in the Swachch Bharat Abhiyaan of the Government and I compliment the management and employees of these enterprises for their wholesome participation in this unique initiative of the Government. In this context, the CPSEs may like to consider taking up a common cause or issue aimed at upliftment of the country under their CSR action plan every year. This would possibly result in optimum utilization of available resources while at the same time allowing CPSEs the flexibility to choose different common causes to be undertaken under CSR every year depending upon the broader thrust areas identified by Government.

7. Our Budget has drawn attention to the need for unlocking the wealth of CPSEs for greater economic activity. CPSEs need to take immediate steps to identify and unlock the surplus land available with them as the same can be used in generating much needed public investments to boost the economy and increase employment opportunities. There is a similar need for identifying and unlocking the free surplus reserves which are available with our CPSEs so that the same may be utilized for undertaking enhanced capital expenditure.

Ladies and Gentlemen,

8. In order to face the challenges of a globally integrated economy, it is equally essential that our CPSEs collaborate and pool their resources to face and overcome competition. The financial, technical and manpower resources of our CPSEs need to be shared to enable better and more optimal solutions in increasingly customer driven markets. The exceptional human capital available with CPSEs should be harnessed to develop suitable strategies and interventions which lead to improvement in performance and expansion of operations both in domestic and global markets. It is heartening to note that CPSEs have continued to be model employers and have maintained ethical standards in their operations in the face of ever increasing competition.

9. Women empowerment is the key to the development of society. It, therefore, gives me immense pleasure to see SCOPE awarding a special citation for Outstanding Woman Manager in CPSEs, thus promoting and applauding the role of women executives in the Public Sector. It is also heartening to note that various programmes are being organized for the growth and development of women employees in CPSEs.

10. With the onset of economic reforms, successive Governments initiated a systemic shift to a more open economy including increased foreign investment that exposed PSEs to competition with both domestic and global players. I am particularly glad that given the competitive environment, the PSEs undertook significant initiatives for upscaling technologies and capacities in order to operate at par with their private counterparts in a progressively liberalizing economy. The continued efforts at excellence have helped several of our PSEs become self-reliant and play a critical role in building the Indian economy.

11. The long term growth prospects of the Indian economy continue to be positive. The International Monetary Fund (IMF) describes our economy as the only ‘bright spot’ in an otherwise bleak economic scenario globally. The Government remains committed to the India growth story and to progressive macro-level consolidation, both on the fiscal and monetary fronts. It is, therefore, incumbent on all of us, particularly the Public Sector, to continue to strive towards excellence with a view to fast-tracking the pace of economic development in the country.

12. I take this opportunity to compliment the management and employees of award winning CPSEs for their hardwork, team effort and perseverance. Today’s Awards are a recognition of their commendable performance. I am confident that all of you shall work even harder in future to fulfill the expectations of our vast populace. I once again compliment SCOPE for instituting the SCOPE Excellence Award to identify and recognize excellent performance in CPSEs. This will be a motivation to all employees for bettering their performance and attaining the highest levels of efficiency.

13. I am pleased to note that ‘Public Sector Day’ is being organized in various CPSEs throughout the country today. I wish all of you success in the organization of ‘Public Sector Day’ and in all your future endeavors.

Thank you!!

Jai Hind