CPSU plays vital role in reviving Indian economy:Santosh

Kolkata, May 29 (UNI) Union Heavy Industries and Public Enterprises Minister Santosh Mohan Dev today hailed the important role played by the Central Public Sector Enterprises to bring about vibrancy in the Indian economy and successfully meeting the new challenges posed by globalization.

Addressing employees of the public sector Hindustan Paper Corporation Limited (HPCL) to mark its foundation day celebration here this evening, the Union Minister said resurgence of Public Sector Enterprises with all round achievements in the areas of profitability, return on investment, contribution to Central exchequer, market capitalization and socio-economic obligations had been witnessed with great aplomp.

In the past, he said, privatization was looked upon as the need of the hour and many CPSEs with inherent potential including HPCL were on the disinvestment list. Today, the picture stands vastly changed and the CPSEs with proven track record, had shown that they were perfectly capable of being in the reckoning.

Referring to the government policy towards CPSE,Mr Dev said this was aimed at giving full support and autonomy to them so that they could compete with the best. '' We have to prove to the nation that the Public Sector in India is in no way inferior to the Private Sector and in many ways better, '' the Union Minister emphasised and said the Board for Reconstruction of Public Sector Enterprises (BRPSE) had also been actively considering the proposals for revival of sick PSEs.

Based on its recommendations, the Centre had approved revival proposals for a number of PSEs, Mr Dev said and hoped this had and not only strengthen our PSEs but also allow them to successfully take up new challenges.

Referring to the creditable performance of HPCL, Mr Dev hailed that it was on the threashold of a new era of modernisation, diversificaton and expansion by creating a wide resource base.

Among others HPCL Chairman and Managing Director Raji Phillip addressed the gathering and highlighted the revival programme of the North East-based CPSU.

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