Dr. U.D. Choubey, DG, SCOPE, highlighted the achievements of India’s public sector enterprises and said that Indian PSU model is best suited for the socio-economic development of the country. He was speaking at the 9th meeting of the OECD-Asia Network on Corporate Governance of State-Owned Enterprises on 6th December 2016 at Seoul, Korea. He was invited there to speak on “Reforms in Public Sector Enterprises in India”.
Dr. Choubey said that Indian public sector has played a role model by reflecting positive growth during and after the recession and economic meltdown the world witnessed in 2008-09. This is the reason why consolidation of the sovereign holding of the capital is being encouraged by most of the countries. As a role model, India has shown the way for better policy perspective for a welfare state, he added.
Dr. Choubey said it is now being realized that State capitalism is better than leaving the capital in the hands of private as State capitalism provides better welfare of the people as well as bridged the gap between rich and poor. The recent exercise of the demonetization in India introduced by Prime Minister Narendra Modi has been one of the giant steps towards a people welfare state and will certainly take care of many in the economically deprived class.
The public sector in India will continue to play a major role of economic and social activity, said Dr. Choubey.