Prez urges PSUs to be globally competitive
10 April 2010
statesman news service NEW DELHI, 10 APRIL: The President, Mrs Pratibha Patil, today asked the public sector to continue its efforts to be globally competitive as it plays a vital role in the country’s high rate of growth in spite of economic slowdown.
Addressing the first-ever Public Sector Day celebrations at Vigyan Bhawan, she said the last two years saw the global crisis affecting economies of many countries. Still India could achieve a growth rate of seven per cent, the second highest in the world. “This is a reflection of the increasing strength and resilience of the Indian economy, of which the public sector is a component,” she said.
This showed that the Indian PSUs were ready to face every challenge, and had the capacity to be the facilitators of growth. They had proved that they are an essential part of the backbone of the economy, Mrs Patil said.
The President recalled the Indian public sector started with a modest investment of Rs 29 crore in five enterprises in 1956, and its strength grew to 246 with an investment of Rs 5,29,950 crore till 2009.
“They remain relevant as they have demonstrated the ability to adjust to the changing environment. They will continue to be important if they take steps to keep their performance under constant review as also strive for efficiency and competitiveness,” she said.
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