Public Sector

Microsoft revamps governance framework for India's public sector

The announcement follows a recent court battle in which energy firm Nayara Energy had to seek judicial intervention to regain access to its own data stored with Microsoft

From aspirational to exhausted: Rethinking India's middle class story

A fragmented, fatigued population can't fuel economic growth the old way

NLC India to invest ₹1.25 trn capex by 2030, bets big on renewable energy

NLC India Ltd, a public sector enterprise, is planning to invest Rs 1.25 lakh crore by 2030 to expand its capacity from the existing 6.7 gigawatt to 20 gigawatt, Prasanna Kumar Motupalli, Chairman and Managing Director (CMD) of the company has said. He said, out of Rs 1.25 lakh crore planned capex, the company will be spending around Rs 65,000 crores on renewables and other green initiatives, while around Rs 45,000 crores will be earmarked for thermal and around 15,000 crores for mining. The official elaborated that out of the Rs 65,000 crore capex on renewables, around Rs 15,000 crore will be on the battery storage system. We are having an aggressive capacity addition plan, adding the renewable capacity as well as the conventional capacity to take the capacity from the existing 6.7 gigawatt to 20 gigawatt. For that, the Capex requirement is around 1.25 lakh crore by 2030, Kumar told PTI Videos. NLCIL is arranging finance for the planned capex of Rs 1.25 lakh crore through internal

CAG forms separate vertical for auditing of 1,600 state public sector units

Comptroller and Auditor General of India (CAG) has set up a separate unit for auditing of about 1,600 public sector undertakings (PSUs) run by various state governments for faster auditing and achieving greater efficiency. "Very recently a separate vertical has been created. An order has been issued. Once this vertical comes up, one location will have positions for auditing only state PSUs of a particular state," Deputy CAG K S Subramanian (HR, IR, Coord and Legal) said. This will help in faster auditing of state PSUs and improving efficiency of public enterprises, he said, adding, this is similar to the Central Public Sector Enterprises which are audited by a separate vertical. Currently, state PSUs are audited by members of senior management which has to do auditing of 4-5 states rather than one particular region, Subramanian said, adding, it takes time. A separate vertical would help in consolidation of information of all state PSUs and it will be easy for stakeholders to compar

Google Cloud in talks with govt on India AI mission, says Bikram Singh Bedi

Public sector, government, companies that work with the government, and other verticals such as finance, which are regulated by the government, remain key focus areas for Google Cloud

HCLTech launches US arm to serve public sector, education & defence needs

HCLTech on Monday announced the launch of a new dedicated US subsidiary, HCLTech Public Sector Solutions (PSS), to provide services to state and local government entities, educational institutions, as well as federal civilian and defence agencies. The subsidiary falls under the Strategic Segments business led by Arjun Sethi as Chief Growth Officer. Sethi will head PSS as the president. PSS, which will drive AI-led technology transformation for government agencies, underlines the company's sharper focus on the public sector segment. "A sharper focus through a dedicated subsidiary will enable us to deliver our AI and digital transformation expertise across all public sector segments. By combining our comprehensive AI suite, deep subject matter expertise, industry-leading talent and dedicated leadership, we are better positioned to partner with government agencies and enhance the experience for the constituents they serve," C Vijayakumar, CEO & Managing Director of HCLTech, said. PSS

Govt unveils consortium of public sector companies to operate global ports

Move to streamline logistics, strengthen supply chain: Sonowal

Public sector general insurance employee union oppose 100% FDI move

The proposed introduction of 100 per cent FDI in the insurance sector and other amendments to insurance laws by the Central Government were also discussed

Govt may hike cess levied on coal production to boost pension corpus

Move to raise cess from Rs 10/tonne to Rs 25 aims to address pension fund shortfall

PSU funds: Recovery may take a while; stay put if you've long horizon

Stocks in areas such as defence, capital goods, railways, and PSU banks had rallied significantly

LIC MF may consider IPO once AUM reaches Rs 1 trillion: MD RK Jha

LIC Mutual Fund might consider an IPO once its asset under management (AUM) reaches the Rs 1 lakh crore mark, which it was targeting by FY'26, a top official said on Friday. At present, LIC MF's AUM was around Rs 38,000 crore, a significant jump from Rs 16,526 crore in FY'23. "We have grown by 67 per cent in FY'24 and our current growth run rate is 30 per cent," LIC MF Asset Management Ltd MD and CEO RK Jha told PTI. He said the current equity contribution across all funds is 47 per cent, with debt accounting for the remaining 53. Institutional and corporate investors have put their money mostly in debt funds, while retail participation is skewed towards equity, he added. "We want retail or equity weightage to grow to 65-70 per cent when we hit Rs 1 lakh crore," he said, acknowledging the ambitious nature of the target with 15 months remaining. Jha said that to achieve it, LIC MF has taken several initiatives. Among them is expanding its offices by tapping the vast network of Lif

Dipam directs officers to avoid trading in shares of state-owned firms

The Department of Investment and Public Asset Management (DIPAM) has asked its officials to refrain from trading in shares of public sector companies as they may be privy to market-sensitive information with regard to state-owned companies, an official said. In an internal order, the DIPAM said that any officer joining the department would be required to declare his/her holding in public sector enterprises and such shares could only be liquidated by the official concerned after approval from authorities. DIPAM, under the Ministry of Finance, manages government equity in public sector companies and is also responsible for undertaking minority stake sale, strategic disinvestment and privatisation. "DIPAM has issued an internal order saying that officers in the department will not buy or share shares of state-owned companies. The idea behind this is officials in DIPAM may be privy to some information which can be affecting the share prices of companies. It should not be so that they ..

Centre likely to announce 3-4% DA hike for employees ahead of Diwali

The potential increase in Dearness Allowance is expected to bring a financial boost to government employees

Salesforce starts public sector division; enters digital creditors' market

Salesforce on Wednesday announced the launch of its public sector division in India to tap into the booming market and unveiled its digital lending offering tailored to Indian needs, as the enterprise software giant underlined its firm commitment to the market here. The company also highlighted insights from an (International Data Corporation) IDC study, which indicated that the Salesforce economy is expanding, with AI accelerating its growth trajectory. The IDC study forecasts that Salesforce and its ecosystem of customers and partners in India are expected to create a net gain of 1.8 million new jobs and generate USD 88.6 billion in new revenues from 2022 to 2028. Arundhati Bhattacharya, CEO and Chairperson of Salesforce India said growth potential here is huge, with rapid digital transformation unfolding all across. "India has talent and capability and now we are seeing far quicker adoption," she said at a media briefing. India is an "outlier" in digital adoption, and while dig

CIPL bags Rs 114 crore IT infra maintenance project from Indian Oil

Technology solutions company CIPL on Wednesday said it has secured a Rs 114-crore project from Indian Oil Corporation Limited (IOCL) for the comprehensive maintenance of IT infrastructure of the public sector petroleum major. The contract will be carried out over a period of three years, starting from June 2024 and ending in May 2027. "Corporate Infotech Pvt. Ltd. (CIPL) has secured a landmark contract from Indian Oil Corporation Limited (IOCL) for the comprehensive annual maintenance of IT infrastructure across all divisions of the state-owned company," CIPL said in a statement. As part of the contract, CIPL will deploy more than 400 engineers to manage the regular maintenance of IT infrastructure across 131 locations of Indian Oil nationwide. "The contract, valued at Rs 114 crore, pertains to annual maintenance and Facility Management Services (FMS) for all divisions of Indian Oil across the country," the statement further said. Noida-based CIPL has earlier served several PSUs .

After encouraging Q4, outlook positive for public sector insurer LIC

LIC has an industry leading position despite the aggressive catch up from private competitors

State-owned companies outperform pvt firms, here's why it's a problem

State firms have done better than India's benchmark Sensex index for three years straight, and look likely to do so again this year

Govt should leverage PSU rally to maintain the pace of capex: Axis AMC

A well-executed PSU divestment strategy could yield far-reaching benefits for the Indian economy

HFCL bags Rs 1,127 cr order to transform BSNL's optical transport network

HFCL Ltd (HFCL) on Monday said it has secured a Rs 1,127 crore order from Bharat Sanchar Nigam Ltd (BSNL) aimed at transforming the Optical Transport Network (OTN) infrastructure across the state-owned telco's pan India network. HFCL's comprehensive network upgrade will not only cater to the requirements of enterprise and FTTH/broadband services but also position BSNL for the future with the seamless launch of 4G services and the anticipation of 5G services in the coming years. HFCL, in a release, said it has secured Rs 1,127 crore order to transform BSNL's Optical Transport Network. "Leveraging its unparalleled expertise in integrating complex systems, HFCL has strategically partnered with the NOKIA Network to deploy state-of-the-art optical technology," the release said. This partnership underlines a commitment to deliver cutting-edge solutions that transcend industry standards and redefine the parameters of technological excellence network, the release added.

LIC reports Q2 net profit at Rs 7,925 crore; net premium income down 18.7%

Insurer says numbers not comparable due to change in accounting norms