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“India on way to become world’s third biggest economy”: ONGC Chairman Arun Kumar Singh at Economic Times 4th National PSU Summit 2023
“By leveraging the four Ds, that is Demographic Dividend, Digitalisation, Decarbonization and Deglobalisation, India’s is well on its way to become the third biggest world economy ,” said Oil and Natural Gas Corporation (ONGC) Chairman and CEO Arun Kumar Singh as during the ‘CMDs’ Roundtable on Vision for PSUs to Realize India’s Sweet Spot in Global Economy’ in the Economic Times Government 4th National PSU Summit 2023 on 14 June 2023.
The summit brought together top executives from various Indian public sector undertakings (PSUs) to discuss pertinent issues and explore innovative strategies for sustainable growth. In his thought-provoking address, Mr. Singh showcased ONGC's remarkable achievement by stating that it is the only Indian company to compete with companies all across the world.
“Though our market is local, the product and its price are of a global nature,” he said. Articulating that the coming decades belong to India, the Chairman and CEO claimed that Demographic Dividend, Digitalisation, Decarbonization, and Deglobalization will be instrumental in establishing India firmly in the global economy. In comparison to our neighbouring countries, Demographic Dividend will reap in India’s favour, while Digitalisation is already functional in huge numbers given the demography that uses it. “Decarbonization is one aspect that will need our attention as we do not have energy sources as much as we should have, because we have not explored enough. While we work on the pursuit of decarbonization diligently, with the help of Deglobalization we will be in a position to create plenty of opportunities for India, especially in the manufacturing sector,” Mr Singh stressed.
The Chairman and CEO claimed that it is just a matter of seven to eight percent of growth rate with which India will scale above other economies to become the third largest in the world by 2025. Following that India’s growth is assured for the coming two decades. “An economy of that scale will have an energy appetite that will remain intense. Once we reach the top rungs, we must attempt to cross over to the higher position with an accelerated growth,” he said.
During the CMD’s Roundtable, Mr. Singh shared his insights on the difference between private and public sectors. He emphasized that the private sector is more risk averse in comparison to public sectors, especially in terms of oil and gas exploration, given the idea that it requires balancing risks and rewards on a regular basis. “The role of public sector in every economy should be centred at least on natural resources, energy, exploration, ports, airports, among others. We must remember that the private sector does well only when the economy and the nation are growing,” Mr. Singh opined.
As the summit drew to a close, when inquired about the right sets of talents coming to PSUs, and the ability of these entities to retain them, the Chairman and CEO insisted that at the entry level, financially healthy PSUs get the best talents. However, the issues start arising at the mid-level management level. At the parallel level, private sector poses a challenge for mid-level executives in terms of financial perks. “We must remember that the only difference between private and public sectors abroad is the ownership. Other than that, their benefits and remuneration are the same,” he highlighted. Stating that operational efficiency are issues troubling public sector, Mr. Singh emphasized that, “The PSUs of the past are not the same as the PSUs of the present. Similarly, they would never be alike the PSUs of the future.”
The CMD’s Roundtable saw in attendance Chairman and Managing Director of the Jaipur City Transport Services Limited Ajitabh Sharma, IAS, Chairman & Managing Director of the RailTel Corporation of India Limited Sanjai Kumar, and the CEO of National Thermal Power Corporation (NTPC) Renewable Energy Limited Mohit Bhargava. The session was moderated by ET Government Senior Assistant Editor Mohammad Ujaley.
