Autonomy for PSUs, renumeration could be market determined: FM

New Delhi, June 22 (UNI) Finance Minister P Chidambaram today spoke of the need for giving greater autonomy to public sector undertakings (PSUs) and said in not too distant a future, renumeration of their employees should be market determined.

''The value of public sector enterprises (PSEs) needs to be unlocked. This can be done by these companies getting listed on the stock markets. More and more companies should get listed on the stock exchanges,'' Mr Chidambaram said releasing the 'Guidelines on Corporate Goveranance for Central PSEs'.

The Finance Minister also conferred Navratna status on Bharat Electronics Limited(BEL), Hindustan Electronics Limited and Power Finance Corporation Limited.

''It is not only necessary to unlock the potential of these companies but also their employees. Though not now, but in future they should get a renumeration which is market determined and that which will be available in a competitive global environment,'' he said.

The Finance Minister avowed that his government will strengthen the public sector and ensure that nothing comes in the way of their growth.

Mr Chidambaram said in a globalising world there was no way of hiding mediocrity and it was thus necesssary that PSUs become efficient.

He said the biggest resource of a government-owned company as also others was its human resource.

''Why is it that a manager whose performance is mediocre in a PSU does so well in a private company? This means that there is a dire need of giving autonomy to a Public Sector Company,'' he said.

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