|HOME | BUSINESS | REPORT|
|October 20, 1999||
'Doctor' rules out artificial respiration for sick PSUs
Dr Vallabhai Kathuriya today took charge as minister of state for heavy industries and public enterprises. He assured that quick action would be taken to finalise the government stand on sick public sector units as there was no plan to keep these under artificial respiration.
Kathuriya, a medical doctor by profession, said he would hold discussions with trade unions and political leaders for a quick decision on such units.
If any unit could be revived with the help of funds, efforts would be made to provide outside budgetary support, he said. Many units have land and other unused assets, he pointed out.
A political will would be necessary to deal with such a problem.
At least six months would be required to study the problems of all the sick units and take corrective steps.
This was the right time to carry forward the agenda for second generation reforms and this would be done with renewed vigour and enthusiasm.
Improving the performance and profitability of the PSUs by way of financial restructuring, manpower rationalisation, optimum capacity utilisation and strengthening of the management would be given priority, he said.
The government would also consider the option of infusion of fresh funds, domestic and foreign, into viable ailing PSUs. However, closure of perennially sick and non-viable undertakings would be done with due care towards providing a safety net to workers through the National Renewal Fund, voluntary retirement scheme and re-training and deployment.
He said greater operational and managerial autonomy would be considered for navratna companies like BHEL, IOC, ONGC, GAIL and mini-navratnas.
The minister said the government would vigorously pursue the process of divestment in industries and undertakings identified for divestment. The ministry would also go in for higher degree of privatisation in PSUs through divestment and joint ventures, he said.
|Tell us what you think of this report|
BOOK SHOP | MUSIC SHOP | GIFT SHOP | HOTEL RESERVATIONS | MONEY
EDUCATION | PERSONAL HOMEPAGES | FREE EMAIL | FEEDBACK