Sponsored: Being a mixed economy for decades where the role of CPSE (Central Public Sector Enterprise) is at par with the private sector companies in terms of their GDP contribution, India always had an edge over other developing nations. The status of Maharatna, Navratna, Miniratna to CPSEs is conferred by the Department of Public Enterprises, to various Public Sector Undertakings. These prestigious titles provide them greater autonomy to compete in the global market.
Arguably, Public Sector Undertakings (PSUs) have laid a strong foundation for the industrial development of the country. Over the years, different governments have made efforts to raise the level of CPSE’s (or PSU’s) by allocating huge portion of their strategic investments in the annual budget & various five yearly plans towards building massive infrastructural upgradations & other technological advancements.
Despite these huge investments in the PSUs, the Indian economy failed to take off as expected, among other reasons, because of the laid back effect caused by the inefficiency within these public enterprises.
To realise their original goals through these CPSEs, Indian economic planners will have to reconstruct their development strategies. They will have to move from a policy that emphasises the creation of more public enterprises to one that emphasises better utilisation of existing public enterprises through continuous performance & efficiency enhancement.
It would not be an aberration to call any public enterprise an instrument of national public policy. As with any other public policy instrument, the core objective behind any public enterprise is to enhance social welfare. While the PSU’s have shown significant improvement with respect to the performance and market share across industries, there are few indicators like the target for disinvestment went down from 57% in FY11 to 35% in FY12 which could be attributed to uncertain global economic condition, primarily due the fall-out of euro zone crisis.
In order to deal with such situations, it is absolutely vital for all central PSUs to continuously mobilise their internal assets & improve operational efficiency by investing in innovation, service delivery & technology oriented business transformation.
With so much financial investment by the government, it is truly a surprise that a lot of PSUs are still operating on decentralised IT systems with legacy applications which are working in silos due to which critical business data is not in sync with each other. Presence of significant amount of manual processing during entire business cycle is causing lack of scalability to meet current & future business and statutory requirements within the PSUs.
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