“We are shutting down sick PSUs, looking at improving profitability”
Mr Anant Geete, Union Minister for Heavy Industries and Public Sector Enterprises,
has his job cut out. The Ministry has 32 PSUs of which 21 are functional. Large scale retrenchments are on to shut down 7 PSUs. Retrenching workers is never easy, especially when having to deal with aggressive union leaders. But somehow, through attractive VRS packages, the minister is ensuring that workers leave without too many grievances, quite a few are in fact eager to quit. Mr Geete speaks to Editor Sayantan Chakravarty at his office in Parliament
How are you dealing with the crisis of retrenchment?
This crisis is an opportunity to look at profitability. The Ministry of Heavy Industries comprises 32 PSUs of which 21 are functional, and 11 are sick. Out of the remaining 11 PSUs, we have decided to shut down 5. For two PSUs, a liquidator has been appointed by the Supreme Court. We have proposed revival of 2 PSUs. Two others that cannot be revived are also on the verge of closing. Out of the 21 functional PSUs, 17 are making profits. We aim to convert the remaining 4 functional ones into profit making PSUs.