Business

Public Sector Units Spearhead India's Vision for Amrit kal 2047: Dr. Singh

By Jack Simpson

June 23, 2024

128

As the Indian economy continues to rise, so too does its global standing. People credit the country's Public Sector Units (PSUs) as the driving force behind this growth and development. Union Minister Dr. Jitendra Singh recently spoke at the National PSU Summit '24 about their importance in carrying forward Prime Minister Narendra Modi's vision of Amrit Kal 2047.

Dr. Singh, who holds multiple ministerial positions, including Independent Charge for Science and Technology and Earth Sciences, lauded PSUs for consistently contributing to India's economy. He noted that India's economic rise from being ranked number 10 globally to number 5 was largely due to the efforts of these units.

He further emphasized that today’s PSUs have risen up to meet global benchmarks and standards through their unparalleled efforts, which has resulted in India’s significant jump in the Global Innovation Index rankings, from rank 81 in 2014 to rank 40 currently.

Furthermore, he noted that the National Quantum Mission, one of the government's major priority initiatives with applications ranging from space exploration to cryptography, drives several areas where India excels on a global scale, making India one of only five or six nations worldwide involved in such pioneering work.

According to Dr. Singh, the recent success stories coming out of Indian PSUs can be attributed not just to governmental support but also to the fact that they've incorporated private players into their operations without hesitation.

Dr. Jitendra Singh himself presented awards during the event in recognition of excellent performances across various sectors. Hindustan Aeronautics Limited (HAL) bagged gold in the skill development category, whereas BHASHINI won gold in the adoption AI and predictive technology category.
 
HPCL won the top prize for employee self-service, BHEL won the gold prize for adopting indigenous technology, and other winners included CDAC and EESL.

Before concluding, The Economic Times felicitated Dr. Singh for his guidance and mentorship to the PSUs. As India moves forward with its vision of Amrit Kal 2047, it is clear that PSUs will continue to play a crucial role in shaping the country's economic future.

In conclusion, Dr. Jitendra Singh’s address at the National PSU Summit ’24 underlined the significant contribution made by public sector units (PSUs) in driving India’s growth story. Dr. Jitendra Singh acknowledged the efforts of public sector units (PSUs) in raising global standards and benchmarks, resulting in India's current ranking of 40th worldwide on the Global Innovation Index, up from 81st in 2014. Furthermore, he credited them with being torchbearers of PM Narendra Modi's vision of Amrit Kal 2047 and emphasized their role as engines of the Indian economy.


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