Public Sector Undertakings have played a crucial role in developing India post-independence
It took only 10 PSUs to generate Rs 1577 crore for the PM-CARES fund that has been created to strengthen the fight against COVID-19.
This one sentence speaks about the legacy the public sector of India comes with.
April 10th is every year celebrated as Public Sector Day
Since Inception public sector has played a vital role in the social and economic development of the country. There are certain sectors today where PSU’s performance has even surpassed the sectoral counterparts.
The year 2018-19 saw milestone achievements by Public Sector Undertakings. The PSUs in toto contributed Rs 3.68 lakh crore to the central exchequer in the form of a dividend, interest, corporate taxes and GST. The gross turnover/ revenue of operating central PSUs grew by 18.03% while the overall net profit of 249 operating PSC stood at rupees 1.43 lakh crore reflecting the growth of 15.52% over the previous year. 18.03 PERCENT!
Mentioning the legacy of PSUs in national building and why the PSUs are indispensable for a country like India, given its socio-economic structure, Shailesh (IAS), Former Secretary DPE in a letter said “These are truly exceptional times for everyone both socially and economically while the different agencies of the government are totally trying to contain and stamp out the COVID-19 break and happy to note that PSU is to have come forward to supplement the efforts of the government in this regard. Assignment example of this is significant contributions to PM cares fund made by public sector community recently which will go a long way”.
Every year, April 10 is commemorated as public sector day by SCOPE to celebrate the contribution of the public sector to the national economy through various elaborate activities and functions.
If your Institutional Stakeholders have some or the other affiliations to any of the Public Sector Undertakings, do encourage them to write about the same and send it across to editor@rethinkindia.in.