New Delhi: Enterprise and innovation should be the guiding principles in the 21st century, Prime Minister Narendra Modi told central public sector enterprises on Monday while asking them to come up with a road map for the next 100 days with timelines as part of efforts to build a New India by 2022.
Addressing the Central Public Sector Enterprises conclave here, he urged them to strive for global greatness in the next few years.
“We have to ask ourselves how Indian public sector undertakings will achieve global greatness in the next five-ten years. How there should be maximum innovation, what improvement should be made in processes that leads to increase in revenue and creates new avenues of employment generation,” Modi said.
He said one fourth of the 500 biggest companies in the world belonged to the public sector in some country.
“Can I sit with some of you after a gap of 100 days. And I would like it, if you could educate me on the entire framework, datewise, who will complete whatever we have said today, saw today, heard today. Because even I have a lot to learn from you. I hope that exactly after 100 days you will give me details.. after deciding its complete roadmap and its responsibility,” Modi said.
He urged the public sector undertakings never to delay payments of MSMEs as it creates problems for them.
Modi exhorted CPSEs to help in making the New India, through changes in technology and processes and enunciated a 5-P formula – Performance, Process, Persona, Procurement and Prepare.
He stressed on improving operational and financial performance, transparency and accountability in processes and procurement through the government e-marketplace platform and from micro, small and medium enterprises (MSMEs).
He also called for preparation for technological disruptions such as Artificial Intelligence, Quantum Computing and Robotics.
Modi set five challenges before the CPSE as part of efforts to build New India – including maximizing their geo-strategic reach? By 2022, minimizing the country’s import bill, integrating innovation and research, optimally utilizing their CSR Fund and giving a new development model.
“Enterprise and innovation should be the guiding principles in the 21st century. Incentives, Imagination and Institution Building would be the three keys to success,” he said.
He suggested that Indian PSUs can link with PSUs with other countries and develop a comprehensive strategy for overseas investment.
He said PSE really means – profit and social benefit generating enterprise, which not only earns profit for shareholders but benefits the society.