PSUs shaping economy of the country
The growth of Public Sector Undertakings (PSUs) can be broadly categorised into the pre and post Independence era; that is where the genesis of their start and their role in shaping the economy of the country lie. Prior to the Independence, there were not many entrepreneurial activities happening in the country. However, soon after Independence, the need was to put the country on the map of industrialisation and the road for speedy economic growth. After deciding the political and constitutional framework of the country, it was decided to build an economic model, which goes along with political framework.
Joint Secretary & Chief Vigilance Officer,
Central Public Works Department,
Ministry of Urban Development,
Government of India
Also, the first Industrial Policy Resolution followed by the five-year plan concept adopted by the Government of India has mainly focussed on the public sector, and the objective was making the country self-reliant. Most of the major public companies were established in the first Five Year Plan, and till the time of Independence, we had about five public sector companies
with an investment of about `29 crore in 1948. As on today, we have around 290 public sector functional units. Also, in 2010, there were about 247 PSUs functioning in the country with an investment of `5.8 lakh crore. So, this is a huge journey of PSUs in the country from a figure of 5 to 290.
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