CPSEs should turn into profit and social benefit generating enterprises: Modi

New Delhi : Central Public Sector Enterprises (CPSEs) are the wealth of the nation, stated Prime Minister of India Narendra Modi. He said this while addressing heads and senior officials of around 331 CPSEs at the CPSE Conclave-Vision 2022 in New Delhi.

Modi said that CPSEs will be an important catalyst to fulfil the vision of New India by 2022. This was the first time in 75 years that a conclave of all CPSEs was held. The Prime Minister went on to say that with this conclave, a new beginning is being made by CPSEs to transform themselves into profit and social benefit generating enterprises. The Prime Minister outlined three mantras for CPSEs- incentives, imagination and institution building in order to bring about this transformation. Unique incentives, not necessarily financial, will energise the public enterprises. Imagination will bring about technological changes for which leadership is required and institution building will transform the public enterprises from Maharatna into New India Ratna Enterprises.

The Prime Minister went on to give a formula of 5 Ps which will prepare the CPSEs to compete with the best companies in the world-performance, process, persona, procurement and preparedness. In a few years, India will become a 5 trillion dollar economy and this will be possible due to the collective efforts of all CPSEs which will be the third arm of revenue generation for the India’s GDP.