Posted On:
30 AUG 2024 6:47PM by PIB Delhi
Ministry of Heavy Industries (MHI) organized a conference on Annual Performance Review of Central Public Sector Enterprises (CPSEs) at Vigyan Bhawan, here today. This review is part of the Ministry’s ongoing efforts to evaluate the efficacy of CPSEs towards fulfilling their core objectives. The conference was chaired by Union Minister for Heavy Industries and Steel, Shri H.D. Kumaraswamy. Shri Kamran Rizvi, Secretary, Heavy Industries, senior officers of MHI and CMDs of the CPSEs under the administrative control of this Ministry participated in the Conference.
Delivering his keynote address on the occasion, Union Minister for Heavy Industries and Steel, Shri H.D. Kumaraswamy said that the Ministry of Heavy Industries has the responsibility of giving shape to the dreams of the Prime Minister, especially in the field of engineering and particularly in the automotive sector. Today India is one of the top five largest economies in the world. The Prime Minister has set the goal of bringing it into the top three economies in the next few years and our CPSEs can play a big role. CPSEs will have move forward rapidly and increase their role in the development of the country. This development should be sustainable and environmentally friendly.
The Ministry regularly evaluates the performance of the CPSEs to assess their effectiveness in fulfilling their main objectives. The performance evaluation reflects the company's performance and achievements. This helps the CPSEs to focus on achievements and outcomes.
He further expressed that under the visionary leadership of Prime Minister Shri Narendra Modi, our nation has embarked on a remarkable journey towards building a self- reliant and economically powerful Bharat. The Government's initiatives like the Production Linked Incentive (PLI) schemes for sectors such as Auto and Auto components, ACC as well as the FAME scheme to promote electric vehicles, enhancement of Capital Goods have been instrumental in bolstering our domestic manufacturing capabilities.
CPSEs are engaged in vast domain of areas from producing of salt, tea, manufacturing watches, cement and paper used in every household as well as the construction of bridges, buildings, transformers, boilers, turbines, generators, valves, electric vehicles, machines and even those machines which make machines.
The performance review was conducted using the Memorandum of Understanding (MoU) evaluation system, which reflects company’s performance in relation to its stated goals and objectives. The MoU evaluation has helped CPSEs focus on achieving results, and has enabled them to better align their efforts with the Nation’s priorities.
The today’s review will be used to overcome challenges and continue the journey towards excellence and learn from experiences to make government companies a shining example of efficiency, innovation, and service to the nation.
Union Minister for Heavy Industries and Steel also mentioned that CPSEs should continuously work towards indigenization in line with the Prime Minister's vision of ‘Viksit Bharat – 2047’ avoiding cost escalation and timely completion of all projects of national importance. CPSEs are the backbone of our economy, they are not just commercial entities – but are strategic national assets that provide critical infrastructure, services, and industrial capabilities. Their performance is vital for supporting India's development agenda, enhancing our self-reliance, and strengthening our global competitiveness.
During the event, CMDs of following CPSEs under Ministry of Heavy Industries gave presentations on ‘MoU Performance and Way Forward’:
- Bharat Heavy Electricals Ltd. (BHEL)
- Bridge & Roof Co. Ltd. (B&R)
- Engineering Projects (India) Ltd. (EPIL)
- Braithwaite Burn & Jessop Construction Co. Ltd. (BBJ)
- Andrew Yule & Co. Ltd. (AYCL)