PSUs remain flagship of India: Ajit Singh

Public Sector Units (PSU) have played a pivotal role in creating modern India and continue to be flagship of the country's growth story, Civil Aviation Minister Ajit Singh said here today.
"While we appreciate the role that a lean and agile private sector is playing in placing us prominently on the global economic landscape, let us not forget that the public sector will continue to be the flagship of India's growth story," he said while speaking at 4th Dalal Street Investment Journal PSU Awards 2012.
He said when the global financial world shuddered following the collapse of great institutions in so-called "first world" economics, "we remained fairly insulated from the shocks, thanks only to the strong footing that our banking system stood on -- provided by a conservative yet dynamic public sector.

Highlighting the achivements of PSUs, Singh said the total income of all central PSUs during 2011-12 witnessed a growth 25 per cent from 14.70 lakh crore in 2010-11 to Rs 18.24 lakh crore in 2011-12.
"The overall net profit during 2011-12 for these companies stood at Rs 97,500 crore as compared to Rs 92,128 crore - which is a growth of almost six per cent," he said.
The Minister presented the awards to PSUs to 17 different categories.