Time to change from ‘Navratna’ to ‘New India Ratna’: Modi to CPSEs

Source: The Hitavada      Date: 11 Apr 2018 09:57:55



Addressing the Central Public Sector Enterprise conclave at Vigyan Bhawan, PM Modi said that the PSEs have full capability to become agents of ‘new India’

PRIME Minister Narendra Modi on Monday, said now the time has come for the Central Public Sector Enterprises (CPSEs) to change gear and establish themselves as ‘New India Ratna’.

Addressing the CPSE conclave, the PM said, “till now, we have been classifying the CPSEs as a Navratna. But now it is time to think ahead of it. Can’t we think about creating New India Ratna? Are you ready to create and build New India Ratna through changes in techniques and procedures.”

Addressing the conclave at Vigyan Bhawan, being attended senior officers of CPSEs and Top Ministry officials, Modi, lauding Public sector enterprises in the country for their role in not just earning profit but also generating benefit for society, said that the PSEs have full capability to become agents of ‘new India’.

“The real meaning of the PSE is Profit and social benefit enterprise i.e not just earning profit for the shareholders but also generating benefit for society. It is a result of this courage that the Government is able of take monumental decisions be it in the electrification in every village of the country, or securing for every household an LPG Connection.

“PSEs have full capability to become agents of new India.’’ He said, CPSE’s contribution in making of a New India can come through 5Ps - Performance, Process, Persona, Procurement and Prepare. The PM said his Government gave operational freedom to public sector firms for better output. The PM said that regardless of whether it was the private sector or the public sector they needed to be guided by the mantras of Enterprise and Innovation. ‘‘I believe that Idealism and Ideology are not enough in Economic Decision Making. Instead Pragmatism and Practicality should also get place.

“Regardless of the sector, when talking about the 21st century, Enterprise and Innovation, should be the mantra that guides us all,’’ the PM said. Describing 3 Is- Incentives, Imagination and Institution Building - as the secret of success of any enterprise- private or public sector, the PM said “economists point out that Incentives in Human Behavior are the biggest tool to bring change. But the Incentives may not be just financial, but it could be many things like putting the performer’s photo on the bulletin board. Today the situation is that many successful private companies can not sustain more than two decades.

The big reason is that due to changes in the technology they are not able to cope up. This is where Leadership Imagination comes in handy. Today the importance of diversification.