The Department of Public Enterprises (DPE) is now focused on reducing non-viable companies, after bringing 19 state-owned enterprises to closure under strategic disinvestment, a top official said Friday.
Secretary in the DPE Seema Bahuguna said the government has revamped the dispute resolution mechanism for central public sector enterprises (CPSEs) to reduce litigation and unblock public money.
"We focus on strategic disinvestments, as part of which, 19 CPSEs have been brought to closure by now. We are focused on reducing non-viable companies now," she said.
Addressing the CII Annual session here, Bahuguna said it is imperative for CPSEs now to reinvent themselves and become competitive through fast decision making.
At a time when India is preparing to become a 5 trillion dollar economy, it has become imperative for CPSEs to adopt technology, expand global outreach, have greater R&D focus and bench-marking, she said.
"Going forward, the government, in next few years will focus on supporting startups, enhancing CSR activities and developing CPSE to CPSE collaboration in order to identify new work areas," Bahuguna said.
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