New Delhi: Prime Minister Manmohan Singh, speaking at the Conference of Chief Executives of Public Enterprises, said that more public sector units should be listed in the stock exchanges.
Singh said that the Government was committed to a stronger and vibrant public sector and it wanted to empower it with full managerial and financial autonomy.
"It may be useful for more public enterprises to be listed on the stock exchange as this would enhance professionalism of the board of directors and empower independent directors," PTI quoted Singh as saying.
Currently 44 of the total 239 central public enterprises are listed on Indian stock exchanges, MTNL is listed on New York Stock Exchange while GAIL and SAIL are listed on London Stock Exchange.
He said the induction of independent directors on the board of PSEs would ensure greater efficiency and effectiveness in decision making.
"Our Government is working towards limiting the administrative ministries' role in the day-to-day management of public enterprises. I hope, steps we intend to take will help our public enterprises become more globally competitive," he said.
Singh said government was committed to a stronger and vibrant public sector and it wanted to empower it with full managerial and financial autonomy.
However, earlier Minister of Heavy Industries and Public Enterprises Sontosh Mohan Dev had said that so far proposals for revival of 25 PSEs has been approved with a cash infusion of about Rs 2000 crore and non-cash financial sacrifices of Rs 5,700 crore.
"Excessive regulation restricts entrepreneurial drive and makes management risk averse," Singh said adding public sector too can foster entrepreneurship but that requires an environment that encourages risk taking and offers adequate freedom to the senior management to take quick and difficult decisions.
Singh said public sector must learn from the private sectors and seize opportunities for mergers, acquisitions, amalgamations, takeovers and creating joint ventures.
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