Viksit Bharat: Revitalizing Public Sector Enterprises for Sustainable Growth
To build a Viksit Bharat (Developed India), bold thinking, ambitious dreams, and decisive actions are essential. This requires sometimes making unconventional decisions and taking risks. In his address at the 12th Confederation of Indian Industry (CIIPSESummit2024), ONGC Chairman, Shri Arun Kumar Singh, emphasized these points, aligning them with the theme “Viksit Bharat: Transforming PSEs into Engines of Sustainable Growth.”
Skill Development: A Critical Area for Improvement
One of the most pressing challenges faced by India’s public sector enterprises (PSEs) is the lack of skill development. While India is a highly educated nation, it faces a major gap when it comes to practical skills required for field jobs. Shri Singh highlighted, “As a nation, we are over-educated but under-skilled in field jobs.”
To bridge this gap, he urged PSEs to invest in the Hon’ble Prime Minister’s Internship Scheme, which would not only equip young professionals with the necessary practical skills but also generate employment opportunities.
Advancements in Artificial Intelligence
The world is rapidly adopting Artificial Intelligence (AI) to enhance operational efficiency, and India must catch up. Shri Singh emphasized the importance of AI in office assignments and stated that AI can improve process efficiencies by 25-30%. This would not only save time but also increase the competitiveness of public enterprises globally.
Better Mediation Practices for Collaboration
Legal disputes in business serve no one, and therefore better mediation practices are crucial for fostering collaboration. Shri Singh shared ONGC’s recent success in adopting improved mediation methods, which have helped the company avoid counterproductive legal conflicts and create a more collaborative work environment.
Steps Towards a Developed India
The dream of Viksit Bharat can only be realized when we make bold decisions and move forward with new ideas. Public sector enterprises must focus not only on increasing efficiency and productivity but also on investing in skill development, embracing modern technologies, and fostering collaboration.
These efforts will help transform PSEs into engines of sustainable growth, contributing significantly to the vision of a developed nation. By prioritizing these areas, India can move closer to becoming a Viksit Bharat.
