Pt. Jawaharlal Nehru called the Public Sector Undertakings (PSUs) as ‘temples of modern India,’ aptly. Even in 2012, one won’t be wrong in adding another title to the PSUs as ‘public service undertakings.’
The economic and social contribution to the Indian society have been immense ever since the first PSU ITI Ltd. was formed in 1948 till the newest one added in 2007, Bharatiya Rail Bijlee Co Ltd.
I would like to define the spirit behind existence of the PSUs in three major ways; such as state-mentored sustainable economic growth, employment generation, and equitable economic development.
Continuously, the PSUs have to live up to the immense expectations of our burgeoning nation and an aspiring society ever since India got independence, till we made ourselves a mixed economy with a thriving knowledge industry.
Social Responsibility has come natural to PSUs even before CSR became a formalized practice some couple of decades ago. The very existence of the sector is much aligned to the Triple Bottom Line principle of People, Planet, and Profit.
The Dept. of Public Enterprise (DPE) issuing a comprehensive CSR guideline, the Standing Conference on Public Enterprises (SCOPE) proposing for a social audit system etc. are only reaffirmation on the part of the government and the readiness from the PSU fraternities.
The scope for contributing towards the societal priorities is even bigger and better now. Rather, we stand at a historic crossroad.
The voluntary or development sector is destined to play a major role as the partner in change.
The time is now.