Tuesday, January 31, 2012

CPSUs will invest Rs.1.40-lakh cr next year: Manmohan Singh

NEW DELHI, Feb 1, 2012

Prime Minister Manmohan Singh on Tuesday announced a massive investment of Rs.1.40-lakh crore by 17 blue chip government undertakings in the forthcoming financial year (2012-13) in a bid to cope with the adverse global economic environment.



Giving away the SCOPE Excellence awards for 2009-10 here, Mr. Singh said "public investment was particularly needed at a time when the country was facing a difficult global environment and looking to domestic drivers of growth."



Union Minister of Heavy Industries Praful Patel presided over the function.



The Prime Minister said that 17 central public sector undertakings (CPSUs) had committed to an investment plan amounting to Rs.1.40-lakh crore in the next fiscal and encouraged other CPSUs to similarly "pay attention to boosting capital investment" and increase their turnover to stave off the adverse global impact on the economy. He hoped that the private sector would work together with the PSUs and complement each other to meet the demands of the country\'s growing economy which needed huge amounts of investment, particularly infrastructure.



Performance needed to be stepped up in other areas such as mining, coal production, petroleum and gas, he said. He hoped the CPSUs would explore opportunities for acquisition of raw material assets abroad as approved by the Union Cabinet.



Expressing dissatisfaction at the 15 per cent share of manufacturing sector in GDP, Dr. Singh hoped the CPSUs would embark on an ambitious expansion plan to target a growth of 12-14 per cent in the manufacturing sector a reality. Underlining the government\'s commitment for a strong public sector, the Prime Minister said he would remain supportive of those PSUs which needed assistance to become viable again.


News From: http://www.7StarNews.com

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