President Pratibha Patil asked PSUs to explore possibilities of partnering with individual farmers to enhance farm productivity, especially in rain-fed areas. She was speaking at the first Public Sector Day celebrations, which marks the founding of the Standing Conference of Public Sector Enterprises (SCOPE), the umbrella organization of PSUs in 1973.
“I think they should accept it as a challenge and show that they would not lag behind in accepting this challenge,” President Patil said. She added that an individual farmer is basically a private entrepreneur and a combination of private entrepreneur and PSUs working together is bound to be a great venture. She said that though initially this should be treated as a social responsibility, later it could become a viable business model.
President Patil said, “A business does not function in a vacuum or in an isolated fashion. It draws upon natural resources and utilizes the human capital of a nation. It, therefore, owes a responsibility to undertake its operations in a manner that are least damaging to the environment and to seek to maximize benefits to society.”
She recalled that PSUs were set up with huge public funds to fulfill social responsibility. Now, it is up to them to excel in their fields and work towards the national goal of socio-economic development. “It should be their endeavor to maintain high level of standards so that these become best practices in the industry, setting benchmarks for other companies to emulate,” she said.
President Patil said that many PSUs have proved themselves as credible performers and presence of 25 Indian PSUs in 2009 Forbes list of 2000 companies demonstrates this.
President gave away SCOPE Meritorious Awards to top executives of PSUs for commendable performance in their specialized fields.
