PSUs: Drivers of Economic Development

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Deepak ShrivastavaDeepak Shrivastava, Chief Vigilance Officer, Mahanadi Coalfields Limited
Mahanadi Coalfields Limited has a total of 22 coal mines, of which 16 are opencast and six underground. As a Mini Ratna company, MCL has annual profit of Rs 5,000 crore. Our Vigilance Department, as part of risk management exercise, undertook the initiative to implement Coal Net programme over the entire 2,700 KM premises of MCL. Apart from the premises, the headquarters as well as other functional activities have been brought under the purview of Coal Net in order to bring transparency. Another big area, contractual payment, has also been effectively regulated through Coal Net; each and every payment that has been made on Coal Net is available on MCL’s website. Coal Net also ensures lifting of coal consignment on the first-come-first-serve basis to avoid any discrepancy in allocating coal to different customers.

A K NigamA K Nigam, Managing Director, Forest Development Corporation of Maharashtra
The total forest area in Maharashtra is 61.49 lakh hectares and we are working on 3.67 lakh hectares. Our objective was to develop the low-value miscellaneous forest into high-value teak forest. As a general practice, we started with planting of trees and by 1974 we were incorporated as a Corporation under the Companies Act. We used to work on three processes — tree felling, harvesting and then planting. But after the ban on tree felling in 1987, FDCM has started planting miscellaneous species of trees on waste land obtained from the Forest Department. The department has also undertaken World Bank-backed plantations as well as turnkey plantation projects on over 5.61 lakh hectares of land. The department has been able to generate asset value.

Umakant LalUmakant Lal, Chief Vigilance Officer, Dedicated Freight Corridor Corporation of India Ltd
PSUs provide employment opportunities by generating employment, keeping people on deputation and absorbing them through deputation and mergers. According to an estimate, around two-thirds of employment in the Industrial sector is in the PSUs. Balanced regional development is one of the reasons for setting up PSUs in under-developed states. Next area is contribution to public exchequer. Many items that used to be imported earlier are now being exported and earning valuable foreign exchange. Genesis of DFCCIL lies in the handling of the 500 million tonnes of extra traffic emerging on Indian Railways between 2001 and 2012. During the last 50 years, it was only 400 million tonnes. DFCCIL was formed to decongest railway routes by laying down dedicated tracks for connectivity between ports and mines. The estimated cost of this project is Rs 80,000 crore.

T N NeelakantanT N Neelakantan, Vice President (O&M) & Plant Head (Kochi), Petronet LNG
Energy is very important in keeping the growth engine running. So, Petronet LNG was established in 1997 by the government to quench the energy needs of the country through Liquefied Natural Gas (LNG). The company was formed under the Public Private Partnership model, and as a 16-year-old company, we have operational capital of `12,000 crore and paid-up capital of Rs. 750 crore. Its 50 percent equity is held by four major Indian PSU companies and has 10 percent equity of French company, Gahni France. PLNG plays an important role in quenching the energy thirst of the country by serving up to 30 percent of the country’s needs with LPG, the cleanest and greenest energy.

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