Catalysing Transformation: ONGC Chairman steers Central Public Sector Enterprises’ movement to build India
Chairing the first meeting for the Public Sector Enterprises (PSE) Council Meeting for the financial year 2023-24 on 9 August 2023, ONGC Chairman and CEO Arun Kumar Singh steered the discussions, highlighting the catalytic role CPSEs play in shaping the nation's trajectory. Hosted by the Confederation of Indian Industry (CII), the meeting was centred on “PSEs at 2047” and saw Chairmen and directors gather to emphasize the central role of CPSEs in India's socio-economic growth. Mr Singh underscored the vitality of nurturing a potent blend of capacity building, leadership, and cutting-edge research.
ONGC Chairman and CEO Arun Kumar Singh chairing the PSE Council Meeting of CII
During the interaction session, former advisor to the Prime Minister of India, Amarjeet Sinha, IAS, Member of the Public Enterprise Selection Board (PESB), lent his insight into Central Public Sector Enterprises’ potential impact on India's societal progress. "Enterprise and professionalism," he stressed, "hold the key to transformation rather than mere financial prowess." The meeting delved into the transformative influence of leaders across all sectors.
ONGC Chairman and CEO Arun Kumar Singh with Amarjeet Sinha IAS at the CII PSE Council Meeting
"Transformation," Mr Sinha emphasized, "demands enterprise and professionalism, transcending financial measures." The deliberations raised concerns about middle management, acknowledging its crucial part in the CPSE ecosystem. The consensus echoed that middle management's leadership aspect deems it an inherent responsibility of CPSEs.
Amarjeet Sinha shared insights from the United Nations Development Programme’s (UNDP) multi-dimensional poverty report, shedding light on the progress made but also underlining the journey that lies ahead for India. Mr Sinha’s focus the education of girl child stemmed from it being one of the strongest markers for social progress. As adolescent girls gain access to higher education, a notable shift occurs in fertility rates, leading to a decline. This change in fertility rates brings about positive implications for maternity and child health. Furthermore, the education of women up to the high school level plays a pivotal role in shaping these interconnected dynamics.
ONGC Chairman voiced the necessity for a robust support system. He underscored the significance of the Capacity Building Commission and the restructuring of CII based on PESB framework. The mission being aligning shared goals, advocating sectoral priorities, and defining unique contributions.
Talent acquisition and retention emerged as another pivotal discourse. Consultants championed the capacity building of consultants, as they intricately contribute to significant CPSE projects, highlighting the symbiotic relationship between expertise and execution.
NTPC Chairman and Managing Director Gurdeep Singh contributed to the dialogue by emphasizing the need for specific, task-oriented capacity building rather than generic approaches.
Heads of PSEs at the first CII PSE Council Meeting for 2023-24
The meeting also highlighted the pressing need for green initiatives and strategic research. These initiatives, it was argued, will not only enhance the environment but also fortify India's economic prowess.
In the ever-expanding landscape of enterprise that transcends boundaries, Central Public Sector Enterprises (CPSEs) emerge as vanguards, poised to propel India's holistic growth. The recent meeting spotlighted the potent formula of vision, professionalism, and innovation, revealing how CPSEs can inscribe a saga of success resonating through generations. Their significance extends beyond economic realms – CPSEs wield a transformative influence in social development, touching every corner of India. With a far-reaching network and substantial resources, they make substantial contributions to pivotal sectors encompassing healthcare, education, infrastructure, and job creation. By championing inclusive growth, CPSEs open pathways for marginalized segments and invigorate rural landscapes, amplifying the overall quality of life. Armed with sustainable initiatives, ingenious projects, and an ethos of responsible corporate citizenship, CPSEs act as vital agents, propelling equitable development, and fortifying the nation's stride on multiple fronts, paving the way for a luminous future for all.