Ministries treat PSUs like their 'fiefdoms': PM Sunday, August 22 2004 16:39 Hrs (IST)
New Delhi:
After cautioning against any misuse of public sector units, Prime Minister Manmohan Singh has shot off yet another letter to his ministers asking them to change the perception that the administrative ministries treat PSUs (Public Sector Units) as their "fiefdoms".
"We must correct the perception that Public Sector Undertakings are profligate and also that administrative ministries tend to treat them as their fiefdoms," the Prime Minister said in letter to his colleagues.
Singh said, "During recent times, there have been disquieting reports about some of the Public Sector Undertakings ignoring the ground rules of good corporate governance and conduct."
Allegations of extravagance in expenditure on the part of some of their senior officials had been brought to the notice of the Government, Singh said adding that the Ministers in charge of PSUs were custodians of the resources of the country and it is their bounder duty to lead them by their example of efficiency, rectitude and austerity.
"While granting full operational autonomy to the PSUs to enable them to compete and succeed in the global market, the ministries concerned have a responsibility for ensuring accountability of PSU executives for their performance in conformity with established norms of conduct," he said.