With a view to portray the public sector's contribution to India's economic and social growth, Standing Conference of Public Enterprises (SCOPE), has instituted the Public Sector Day on April 10, every year. This year, the public sector fraternity will be celebrating the 4th Public Sector Day. CS Verma, Chairman, SCOPE and Chairman of Steel Authority of India Limited (SAIL) spoke to Hindustan Times on a range of issues. Excerpts:
SCOPE and the public sector fraternity is going to celebrate the 4th Public Sector Day. How has the journey been?
SCOPE's initiative of earmarking and celebrating April 10 as Public Sector Day has come a long way and today is widely observed and cherished by the public sector fraternity across the country. Public sector enterprises over the years have attained a symbol of corporate excellence displaying highest order of governance, transparency and integrity. They now proudly represent a wealth of new, forward looking organisational practices & policies and induct latest innovative technologies & techniques.
Tell us about this year's celebrations
This year the public sector fraternity throughout the country and abroad, will observe a week-long celebration. President Pranab Mukherjee has consented to be the chief guest and present SCOPE Meritorious Awards in specialised fields. During the week, seminars, workshops, cultural programmes shall be organised by PSEs showcasing excellence achieved by them.
SCOPE Meritorious Awards are given during the Public Sector Day celebrations. What do they signify?
SCOPE instituted SCOPE Meritorious Awards for the first time in 2004-05 to recognise significant achievement of member enterprises in various fields leading to business excellence and competitive advantage; to encourage and motivate them to achieve higher goals of excellence; and, to reward those enterprises which have demonstrated extraordinary skills and have made a mark in chosen fields which have been primarily responsible for growth of the enterprise.
What has been the repercussions of the global and domestic slowdown on the performance of CPSEs? How have they performed in the recent past?
CPSEs have successfully met the challenges thrown up by liberalisation process as well as economic recession. Even during recession, there was no cut back on production, they continued to produce more. Not a single employee was given pink slip unlike the private sector. In fact the public sector has emerged as role model employers.
What about financial performance?
As regards performance, during the year 2011-12 the turnover of all CPSEs grew by almost 23% to Rs 18,41,927 crore from Rs 14,98,018 crore in the previous year and by 222% from Rs 5,72,833 crore a decade back i.e. in 2002-03. Similarly the net worth and net profit have also maintained positive growth. Net worth grew by 8.38% to Rs 7,77,8 12 crore from Rs 7,17,641 crore in 2010-11 and by 222% from Rs 2,41,846 crore in 2002-03. CPSEs are contributing over Rs 1.60 lakh crore by way of dividend, taxes and duties to the Central Exchequer.