Modi tells PSUs to draw up development plan
Prime Minister Narendra Modi on Monday gave a 100-day deadline to the heads of central public sector enterprises (CPSEs) to come out with a road map with “measurable targets” for strengthening state-owned companies and promoting development activities.
Addressing a conclave in the national capital, Modi also called upon CPSEs to improve their return on investment on a par with private sector companies or even higher, and focus on newer and advanced technological disruptions like artificial intelligence, quantum computing, robotics and blockchain technology to prepare for the future.
He also suggested that the corporate social responsibility (CSR) spend of CPSEs should be targeted at improving skill sets in the 150 ‘aspirational districts’ identified by the NITI Aayog. He said CPSEs should prepare themselves in the next few years to compete with the best in the world and needed to tap new financial instruments to move ahead.
“I need to learn a lot from you. If I spend more time with you, I shall emulate what I learn from you in the government. I hope that exactly after 100 days, whatever you have said today, you will come to me with a foolproof road map and after fixing responsibility,” Modi said. Expressing concern over little procurement by CPSEs from micro, small and medium enterprises (MSMEs), Modi prodded them to buy more from small units and also ensure timely payment.
In 2016, the procurement by CPSEs was only ~250 billion from MSMEs of the total ~1.30 trillion.
He said CPSEs should focus on maximising their geostrategic reach, minimising import bill, integrating innovation and research, optimal utilisation of CSR Fund and coming up with a new development model by 2022.
Modi told CPSE managements to hold their meetings at lesser-known destinations.