Government formulates new policy for CPSEs

18 Jan 2023 CW Team

The improved financial results of Central Public Sector Enterprises (CPSEs) have helped Finance Minister Nirmala Sitharaman create a comprehensive plan for putting PSE policy and strategic disinvestment into action.188 of the 248 operating units reported a total net profit of 26.40 million rupees in the annual report on the performance of CPSEs, while 59 reported a net loss of 1.5 million rupees. There has been no profit or loss reported by the Food Corporation of India (FCI).

In FY22, 22 CPSEs went back to profit from loss. Compared to a loss of 809,88.30 million in FY21, these reported a total profit of 720,14.20 million for the fiscal year. Eight of the 22 companies reported profits of over one billion rupees.

The new policy, which is outlined in detail in the Budget for Fiscal Year 22, aims to reduce the number of CPSEs, which include financial institutions, and to open up a new investment space for the private sector. It says that CPSEs and financial institutions' economic growth will come from private capital, technology, and best management practices after disinvestment. The policy will classify various industries as strategic and non-strategic.

The first group of strategic industries includes defense, space, and atomic energy, while the second group includes transportation and telecommunications. The fourth has banking, insurance, and financial services, while the third has power, coal, minerals, and petroleum. Public sector businesses won't even be present at all in strategic areas. The remaining CPSEs in the strategic sector will either be privatised, merged with other CPSEs, subsidised, or shut down. CPSEs will be privatised in non-strategic sectors; otherwise, they will be shut down.

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