PSUs play major role in growth of country’s economy : Venkaiah

HYDERABAD, Dec 8:
Vice President M Venkaiah Naidu on Friday said that the public sector undertakings play a crucial role in the development of the country and its economic growth.
Mr Naidu, who inaugurated the diamond jubilee celebrations of the Government of India enterprise-NMDC at a colourful function at Shilpakala Vedika in Madhapur here, said that the public sector units also helped in removing regional imbalances and in generating employment.
He said PSUs were set up in various parts of the country right from the 1950s with the sole aim of ensuring uniform growth of all states and to create greater employment potential for the youth.
The Vice President said that proper infrastructure was prerequisite   for  rapid development adding that the public sector units should get the lion share of the credit  for  creating  vital infrastructure  in the  country  like  telecommunication, transport, National and state highways, Railways and among others.
The Public Sector units had also played a great role in promoting exports thus saving the precious foreign exchange for the country, removing regional disparities and monopoly in private sector.
He wanted all concerned  to ponder why some public sectors were not doing well.
Mr Naidu complimenting the NMDC for achieving the landmark of completing 60 years of credible service to the Nation said that the corporation  had a profit of over Rs 4,200 crore.  Union Steel Minister Chaudhary Birender Singh who was all praise for NMDC for its enviable efforts in producing and exporting iron ore said that the corporation’s annual turnover was Rs.10,000 crore.
Chhattisgarh Chief Minister Raman Singh, Union Minister Y.S.Choaudhary and Telangana IT Minister K.Taraka Rama Rao were among the dignitaries who attended the function. (UNI)

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