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    HomeBusinessPublic sector enterprises must boost efficiency, compete with private sector: FM Nirmala...

    Public sector enterprises must boost efficiency, compete with private sector: FM Nirmala Sitharaman

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    Stressing on private sector participation wherever possible, the finance minister said that in many areas, PSEs can benefit from the efficiency and professionalism of the private sectors.

    Public sector enterprises (PSEs) in the country need to scale up their overall performances, reduce overheads and also look at prospects of partnership with the private sector, not only for survival but to thrive in the competitive world, said Union finance minister Nirmala Sitharaman on Thursday.

    Addressing a gathering of top executives of central PSEs (CPSEs) after inaugurating a four-day long exhibition, ‘Nation Building and CPSEs’, the finance minister stated that Indian PSEs must take maximum benefits from newer technologies to scale up their skills, capacities, competence and efficiency to go global in the next 25 years and set a benchmark for PSEs across the globe.

    Referring to the Public Sector Enterprises Policy — 2021, Sitharaman said that PSEs in strategic sectors should explore the scope for expansion and amalgamation, and look at private sector participation sincerely. As per the policy, the Government of India intends to keep minimum presence in strategic sectors that include energy, telecom, power, banks and minerals. She emphasised that it is high time for PSEs to strengthen their competencies and look for new opportunities just like private sector players, otherwise it would be difficult for them to survive in a highly competitive business environment. Stressing on private sector participation wherever possible, the finance minister said that in many areas, PSEs can benefit from the efficiency and professionalism of the private sectors.

    Although the government has identified some core sectors based on national interest where PSEs will continue to play an important role, even in these sectors, the doors are still open for the private sector up to some extent, she added. “With many sectors being opened up for private sectors, PSEs will have to be cognizant of the level of competition before them,” she said.

    Gujarat chief minister Bhupendra Patel said PSEs in the country will have to reorient themselves considering the fact that they are not going to enjoy a monopolistic situation with the entry of private sectors in many areas. Patel invited CEOs of CPSEs to invest and take advantage of the state-of-the-art facilities of India’s first operational greenfield smart city — Gujarat International Finance Tec-City (GIFT City) situated on the outskirts of state capital Gandhinagar.

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