President gives Away Awards to CPSEs on Public Sector Day Celebration
The President of India Smt. Pratibha Devisingh Patil today presented the SCOPE meritorious awards in specialized fields for the year 2010-11 on the occasion of Public Sector Day Celebrations organised jointly by Department of Public Enterprises(DPE) and Standing Conference of Public Enterprises(SCOPE) here today. The Minister for Heavy Industries & Public Enterprises Shri Praful Patel, Chairman BRPSE Dr. Nitish Sengupta, Secretary Department of Public Enterprises Shri O.P. Rawat, Chairman SCOPE Shri Arup Roy Choudhury, Director General SCOPE Dr. U.D. Choubey and Shri K.L. Dhingra, Vice Chairman, SCOPE were present on the occasion.
Speaking on the occasion, the President called upon the CPSEs to adhere to high standards of performance and efficiency for continued viability. “ The test is to be nationally creative, globally competitive and efficient, ensure on-time deliverability and provide employment. There should be a constant process of review and assessment, to ensure that best practices of corporate governance for production and management are followed, and innovative business practices are adopted. It must be remembered that growth is important, but also important is growth with social responsibility and growth that is based on ethics. Public Sectors must make these elements an essential part of the functioning”.
The President was of the view that the Public Sector has a role in the nation’s inclusive growth strategy. She reiterated her earlier emphasis that industry and agriculture have linkages which need to be reinforced for having an integrated economy. “Rainfed and dryland farming areas require special focus. This subject has generated interest amongst both the business community and farmers. It has been discussed in the Governor’s Conference last year, and is being deliberated upon by a Sub-Committee of Governors set up to study and recommend measures for enhancing productivity, profitability, sustainability and competitiveness of rainfed areas with special reference to farmer-industry partnership”.
The President also said that research and innovations must receive high priority through in-house R&D facilities, through sponsored research in collaboration with universities and R&D institutions, and through technological tie-ups with other industrial partners, particularly when there is foreign collaboration.
Smt. Pratibha Patil advised the CPSEs that their objective should be to build the capacity and skills of the people, for which is required a system that respects the values of honesty and hardwork. The issues of human resources development need to be adequately addressed in right earnest.
The President said that for a rapidly growing economy like ours, both the public and private sectors must work together to meet the demand for large amounts of infrastructure investment. She encouraged CPSEs to boost capital investments. They must continue to perform well in existing areas, as well as explore new markets, enter into new areas and begin new activities. In addition, the public sector along with the corporate sector must work to increase India’s global imprint and image.
Addressing the gathering the Minister for Heavy Industries & Public Enterprises Shri Praful Patel highlighted the contribution of the CPSEs to the growth of the Indian economy specially in view of the increased competition from the private sector. For the year 2010-11, the 248 CPSEs touched an all time high in investment of more than rupees six lakh sixty six thousand crore, which was 15% more than the previous year. They recorded a turnover of more than rupees fourteen lakh seventy three thousand crore, which was over 18% more than that of previous year. As on 31st March, 2011, all CPSEs put together had reserves and surplus of more than rupees six lakh fifty five thousand crore, which was 8% more than that of previous year. It is especially heartening to note that our CPSEs contributed more than rupees one lakh thirty nine thousand crore to Central Exchequer by way of duties, taxes, interest, dividend, etc. during the year 2010-11 and also made foreign exchange earnings of rupees ninety seven thousand crore during the same period. The 45 listed CPSEs had market capitalization of around fifteen lakh six thousand crore, which constituted about 22% of total market capitalization of Bombay Stock Exchange as on 31.3.2011.
Recalling the President’s emphasis last year on the need for engagement of Public Sector in the agriculture development and other aspects related to agriculture and rural economy, the Minister outlined the steps that have been taken by his Ministry in this regard. He said that a road-map is being designed for achieving the President’s vision for holistic sustainable development of the farming community and enhanced agriculture productivity through increased public sector participation. Emphasizing the role of the Public Sector for the development of the country’s economy the Minister said that Public sectors have actually redefined the geography of India. The development process has been moved to the hinterlands and it is because of the public sector enterprises that remote areas across the length and breadth of the country have achieved economic growth and development. He called upon the PSEs to increasingly compete internationally. He assured that the Government would provide all necessary support. The Minister announced that he would meet all Maharatnas and some other companies next week to sort out the hurdles that they might be facing. Shri Patel also called upon the PSEs for increased “hand-holding amongst the enterprises themselves”. He said that this would go a long way in strengthening the Public Sector Enterprises of the country.
The President gave away the SCOPE Gold trophy to:
• ONGC for Environmental Excellence
• SAIL for Corporate Governance
• NTPC and THDC for Corporate Social Responsibility
• Indian Oil and BEL for R&D, Technology Development
• BHEL for Best practices in Human Resource Management
• PFC for best managed bank and financial institution
• NSFDC for best managed PSE setup under section 25.
Commendation certificates were given to:
• GAIL for Corporate Governance
• HPCL for Corporate Social Responsibility & Responsiveness
• EIL for human resource management
• NBCFDC best Managed Bank, Financial Institution or Insurance Company under section 25. +