Prime Minister Narendra Modi on Monday shared the success mantra for both private and public sector as three I's which are Incentives, Imagination and Institution building.
Prime Minister Modi was addressing the senior officers of Central Public Sector Enterprises (CPSEs) and top ministry officials at the CPSE Conclave at Vigyan Bhawan in Delhi.
"Be it private sector or public sector, the mantra for success is the same. That mantra actually is three I - Incentives, Imagination and Institution Building".
"The correct meaning of PSE is - Profit and Social benefit generating Enterprise. This means it not only earns profit for shareholders but also generate benefit for the society," Prime Minister Modi added.
Further speaking on the concerned topic, Prime Minister Modi said Enterprise and innovation are crucial guidelines for every sector.
"I believe that Idealism and Ideology are not enough for economic decision making. They need to be replaced with pragmatism and practicality. Enterprise and innovation are crucial guidelines for every sector," Prime Minister Modi noted.
"It is because of your courage, the government is able to take important decisions. Be it taking electricity to every last village or giving LPG connection to every household, none of this would be possible without the hardwork of your lakhs of employees," Prime Minister Modi stated.
Later pointing over the importance of diversification and disruption, Prime Minister Modi said that they are not able to adapt according to technological changes.
"In the current environment, the private companies are not able to sustain for more than 20 years. Major reasons are that they are not able to adapt according to technological changes. This is where leadership and imagination come handy. And this is why the importance of diversification and disruption has increased so much," Prime Minister Modi said.
"Economists say that incentives are crucial to bringing change in human behaviour. But incentive can be more than just financial. Sometimes small appreciations can go a long way in motivating everyone," Prime Minister Modi finally asserted.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)