sitharaman: Improve professionalism, reduce spending: Nirmala Sitharaman for PSEs

GANDHINAGAR: Finance Minister of Nirmala Sitharaman on Thursday asked public sector businesses to improve professionalism, reduce spending and consider working with private sector entities.
She spoke to the heads of various central public sector enterprises (CPSEs) at the Mahatma Mandir in Gandhinagar after the opening of a major exhibition on the contributions of government-owned companies. government in nation building as part of Azadi Ka Amrit Mahotsav celebration.
“It’s time for the PSE to show that you’re keen to improve your professionalism as much as you’ve been doing since 1991. And if possible, to keep costs down, it might be a good idea to consider your involvement. along with what you’re doing… you can benefit from the efficiency of the private sector,” said Sitharaman.
Referring to the new PSE policy to be announced in 2021, the Finance Minister said PSEs need to be aware of the competition they will face from the private sector that the government has opened up areas of battle comb.
“Policy is already open to the private sector, and so I’m going to raise a flag here for all PSEs. The moment you’re opening the door to private sector participation in a sector. , we in the public sector will have a sense of the level of competition that will unfold before our eyes.
“And if we have a sense of the level of competition, I’m sure that, like you did a few decades ago, you will face the challenge, and at the same time be able to stand up and pass through with good effect. rather than leaving space,” said Sitharaman.
She called the economic reforms introduced in the country in 1991 a “game changer”.
“With India opening up after 1991, the PSE started to compete with private sector entities. You see that it’s a game changer because the PSE realizes that now they have to improve the efficiency of their business. themselves, also scale up and reduce costs,” the minister said.
The exhibition titled “National Construction and CPSEs” features booths from nearly 75 central government companies, such as Indian CoalGAIL India, NTPC, Steel Authority of India Ltd and Indian Petroleum Corporation Ltd. The exhibition will be open to the public from June 10 to 12.

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