President of India Presents Scope Meritorious Awards

The President of India, Shri Pranab Mukherjee presented the Standing Conference of Public Enterprises (SCOPE) Meritorious Awards today (April 26, 2013) at the fourth Public Sector Day function held in Vigyan Bhavan, New Delhi.

Speaking on the occasion, the President said that Public Sector Day is an occasion to highlight the valuable partnership provided by the public sector in our country’s economic progress and to reiterate our commitment to strengthen the public sector.

The President said that the growth potential of CPSEs should be strengthened by greater investment, faster expansion and technology up-gradation. He said that the total cash and bank balance of CPSEs as on 31 March, 2012 was Rs. 2.8 lakh crore which indicates their potential to make investments for capacity expansion and strategic assets creation. He stated that CPSEs should up-grade their technology models through increased foreign collaboration. They should target greater overseas investment to enhance their scale of operation and market reach, he added.

The President said that there should be no room for limitations in the public sector. He stated that it is a matter of concern that there were 66 sick CPSEs in March, 2012. Though the number of such CPSEs has declined over the last few years, much more needs to be done to revive, strengthen and modernize these sick units, he said. He stated that the recommendations of the Board for Reconstruction of Public Sector Enterprises have to be acted upon for speedy recovery and prevention of sickness.

The President said that the public sector has been firmly behind our country’s progress and he was confident that it would continue to grow in strength and touch greater heights in future and meet the expectations of the nation.

Among the dignitaries present on the occasion were Shri Praful Patel, Union Minister of Heavy Industries and Public Enterprises, Dr. Nitish Sengupta, Chairman, Board for Reconstruction of Public Sector Enterprises (BRPSE) and Shri C.S. Verma, Chairman, SCOPE.

This release issued at 1330 hrs