PSUs to get more powers, says Minister

Thiruvananthapuram, Oct 30: Union Heavy Industries and Public Enterprises Minister Santhosh Mohan Dev today said the government is considering granting more powers to public sector undertakings (PSUs) in the country.

Talking to mediapersons here, Mr Dev said a final decision on the issue would be taken at the meeting of Group of Ministers (GoM) to be held under the chairmanship of Union External Affairs Minister Pranab Mukherjee at New Delhi on November 13.

Stating the decision would be historic, Mr Dev said the PSUs which already enjoyed certain powers, would get more after the meeting.

At present Navaratna and Miniratna companies had been given powers to negotiate and take decision on contracts without approaching the Cabinet Committee on Economic Affairs (CCEA).

The government's opinion was the PSUs should get a free hand in running their affairs and this had been clearly outlined in the Common Minimum Programme (CMP) of the United Progressive Alliance (UPA) Government, he added.

Stating that all efforts would be made to revive the sick PSUs, the Minister said those companies which could not survive would be closed.

However, no employee would be sacked. Instead they would be given proper training for settlement. The ONGC, IOC and few other companies had expressed their willingness to take over some of the sick companies.

Pointing out the Hindustan Paper Corporation and its subsidiaries were in the disinvestment list, he said, however, the divestment plan was put on hold and the company given a chance to perform better which it did by registering profit.

He also said that a sick paper mill owned by the Assam Government would be taken over for revival.

UNI