The country's upstream oil giant ONGC, leading downstream oil
marketing company IOC, power equipment maker Bhel, steel behemoth Sail
and mining biggie Coal India were on the list of Maharatna public sector
companies that were awarded for their outstanding performance in
various fields at the India Today PSUs Awards in New Delhi on Monday.
The categories for the awards included best global presence, most eco-friendly, best in R&D, HR excellence, fastest growing and most valuable. Navratna companies that won awards in these categories included Bharat Electronics Limited, upstream company Oil India Limited, downstream Bharat Petroleum, Rural Electrification Corporation and Power Grid Corporation.
The third category of public sector companies for the awards were included in the Miniratna list. The awardees included RITES Limited, hydro power company NHPC, Cochin Shipyard and Power Grid Corporation.
The fourth list of public sector companies selected for the awards on the basis of a rigorous methodology included Indian Infrastructure Finance Company Limited, Uranium Corporation of India Limited, Power System Operation Corporation Limited, NHDC Limited, REC Transmission Projects Company Limited and Balmer Lawrie Investment Limited. The India Today Group's study on the best public sector undertakings (PSU) was conducted by premier research organisation Marketing and Development Research Associates. Public sector banks and public sector enterprises were not considered in this survey.
Eight award categories were established considering various core dimensions of growth, strategy, performance and competitiveness of a PSU. In the first stage, parameters to evaluate PSUs on different aspects of performance were finalised. Then these parameters and subparameters were given different weights. Based on these parameters and sub-parameters, a detailed questionnaire was prepared and sent to the PSUs. Out of 160 eligible Central PSUs, 39 submitted their participation forms within the stipulated deadline and were evaluated. All the data received was back checked for accuracy of information. In case of incorrect or insufficient data, the PSUs were requested to re-submit information.
In addition to five award categories based on objective participation form, two categories- fastest growing and most valuable-were based on opensource data. One award category- best performing-was based on objective data and opensource data to make it more inclusive. Based on the evaluation criteria and respective weights, scores were given to each parameter. The PSU with the highest total score in respective category was declared a winner.
In India, PSUs have played an integral role in economic development and industrialisation. Post Independence, PSUs were set up with the objective to build a base for solid infrastructure and bring about a planned development of the entire country. In many ways, PSUs were the extended arms of the government for development.
Today, PSUs have expanded their horizon to several sectors such as steel, engineering, heavy machinery, petro-chemicals, textiles, manufacturing and pharmaceuticals. There are more than 250 Central PSUs, and the financial investment stood at `9,92,971 crore as on March 31, 2014. The gross turnover of Central PSUs is around 25 per cent of the India's GDP. These units employ nearly 1.5 million people and contribute in generating around five per cent of the total employment in the organised sector. But the expansion also brought along several challenges. After the economic reforms and liberalisation in 1991, the government opened sectors exclusively reserved for PSUs to the private sector leading to increased competition from both domestic private companies and large MNCs.
The categories for the awards included best global presence, most eco-friendly, best in R&D, HR excellence, fastest growing and most valuable. Navratna companies that won awards in these categories included Bharat Electronics Limited, upstream company Oil India Limited, downstream Bharat Petroleum, Rural Electrification Corporation and Power Grid Corporation.
The third category of public sector companies for the awards were included in the Miniratna list. The awardees included RITES Limited, hydro power company NHPC, Cochin Shipyard and Power Grid Corporation.
The fourth list of public sector companies selected for the awards on the basis of a rigorous methodology included Indian Infrastructure Finance Company Limited, Uranium Corporation of India Limited, Power System Operation Corporation Limited, NHDC Limited, REC Transmission Projects Company Limited and Balmer Lawrie Investment Limited. The India Today Group's study on the best public sector undertakings (PSU) was conducted by premier research organisation Marketing and Development Research Associates. Public sector banks and public sector enterprises were not considered in this survey.
Eight award categories were established considering various core dimensions of growth, strategy, performance and competitiveness of a PSU. In the first stage, parameters to evaluate PSUs on different aspects of performance were finalised. Then these parameters and subparameters were given different weights. Based on these parameters and sub-parameters, a detailed questionnaire was prepared and sent to the PSUs. Out of 160 eligible Central PSUs, 39 submitted their participation forms within the stipulated deadline and were evaluated. All the data received was back checked for accuracy of information. In case of incorrect or insufficient data, the PSUs were requested to re-submit information.
In addition to five award categories based on objective participation form, two categories- fastest growing and most valuable-were based on opensource data. One award category- best performing-was based on objective data and opensource data to make it more inclusive. Based on the evaluation criteria and respective weights, scores were given to each parameter. The PSU with the highest total score in respective category was declared a winner.
In India, PSUs have played an integral role in economic development and industrialisation. Post Independence, PSUs were set up with the objective to build a base for solid infrastructure and bring about a planned development of the entire country. In many ways, PSUs were the extended arms of the government for development.
Today, PSUs have expanded their horizon to several sectors such as steel, engineering, heavy machinery, petro-chemicals, textiles, manufacturing and pharmaceuticals. There are more than 250 Central PSUs, and the financial investment stood at `9,92,971 crore as on March 31, 2014. The gross turnover of Central PSUs is around 25 per cent of the India's GDP. These units employ nearly 1.5 million people and contribute in generating around five per cent of the total employment in the organised sector. But the expansion also brought along several challenges. After the economic reforms and liberalisation in 1991, the government opened sectors exclusively reserved for PSUs to the private sector leading to increased competition from both domestic private companies and large MNCs.
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