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Question
Do you think the navaratna policy of the government helps in improving the performance of public sector undertakings in India? How?
Solution
To improve efficiency, infuse professionalism and to enable PSUs to compete effectively in the market, government awarded the status of ‘navaratnas’ to the following nine PSUs:
1) Indian Oil Corporation Ltd (IOCL)
2) Bharat Petroleum Corporation Ltd (BPCL)
3) Hindustan Petroleum Corporation Ltd (HPCL)
4) Oil and Natural Gas Corporation Ltd (ONGC)
5) Steel Authority of India Ltd (SAIL)
6) India Petro-chemicals Corporations Ltd (IPCL)
7) Bharat Heavy Electricals Ltd (BHEL)
8) National Thermal Power Corporation (NTPC)
9) Videsh Sanchar Nigam Ltd (VSNL)
These corporations were granted a greater degree of financial, managerial and operational autonomy. This boosted their efficiency and effectiveness. They also became highly competitive and some of them are becoming the giant global players. Consequent to their better performance, government retained them under public sector and enabled them to grow themselves not only in the domestic market but also in the international market. These corporations are self-reliant and financially self-sufficient. Thus, the navaratnapolicy has certainly improved the performance of these PSUs.
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