The public sector stands for profit—this was stated by Prime Minister Narendra Modi. Indeed, it is a misconception that the public sector enterprises are loss making and a liability.
The profit from the public sector that the Prime Minister was talking about is not just in the balance sheet. It comes in two forms. The first, in the form of the revenue and the foreign exchange, and the second in the form of the social and geopolitical gains.
India’s public sector is the driving force for the vision to make the country self-sufficient in natural resources like petroleum and natural gas. In the production of critical minerals such as lithium, copper, cobalt, graphite and other critical minerals, which are essential for the economy’s green transition, the Public Sector Enterprises are playing a vital role.
The PSEs are also contributing in the production of minerals for the development of green technologies like solar panels, wind turbines, batteries, and electric vehicles. When it comes to the use of emerging and disruptive technologies like artificial intelligence, machine learning and quantum computing, the PSEs are at the forefront.
To deliberate and analyze the innovative technologies that the Public Sector Enterprises are using to make profits in a competitive environment while also strengthening the country socially and geopolitically, ETGovernment–The Economic Times is organizing the National PSU Residential Summit ‘24 in Kochi.
The three day Summit, from November 21 to 23, opens today, at 5 PM, in Kochi’s plush Hotel Crowne Plaza. The Hon’ble Governor of Kerala, Shri Arif Mohammed Khan, is the Chief Guest. The leaders of several top Public Sector Enterprises in the country have arrived to participate and speak at the Conclave.
The Standing Committee on Pubic Enterprises (SCOPE) is the co-host to the National PSU Residential Summit. The Summit is being supported by four government bodies: Railtel, Central Warehousing Corporation, National Informatics Centre Services Inc. (NICSI) and T-Works. The private companies participating in the Summit are: Zscaler, Kyndryl, HCLSoftware, SenitelOne, eMudhra, Trilegal, Liferay STTelemedia, Rakuten SixthSense, Outsystems & ESDS, and CSM Technologies.
The Summit is being attended by over 150 senior government officials, leaders from the PSU space, top private companies, and thought leaders from academia and media.
The key focus areas for the Summit are:
- Transformative emerging tech: How the PSUs are harnessing digital innovations to build resilience, reduce risk
- National emerging tech revolution: PSUs promoting ‘atmanirbharta’ by deploying local technologies
- Emerging Technologies for becoming cyber-ready for 2024 and beyond
- PSUs designing the future-ready data architecture and communication systems
- Skill development and capacity building at PSUs in emerging technologies
- How are PSUs taking advantage of AI, ML and Hybrid Cloud technologies
The Economic Survey tabled in Parliament, in July this year, by the Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, shows that India’s real GDP grew by 8.2% in FY24, exceeding the 8% mark in three out of four quarters of FY24. The public sector played a stellar role in the growth of the Indian economy.
In the present economic environment, the public sector contributes close to 14% of the country’s GDP and, thus, plays a key role in fostering economic stability and growth.
Financial inclusion through the opening of bank accounts for people from all sections of society, particularly the poor, has been a major success story of the last ten years. But this achievement would not be possible without the rich human resources of the public sector. Along with being the drivers of financial inclusion, the Public Sector Banks also showed strong performance, growing by 11% in the first half of FY 25.
The National PSU Residential Summit ‘24 will be the definitive source for discussion on the innovative strategies and emerging technologies that the public sector is adopting.
The community of leading figures who are driving digital transformation in the Public Sector Units have come together, at the National PSU Residential Summit ‘24, to share the best practices and use-cases for emerging technology deployments as it relates to improving business outcomes,enhancing social inclusion, ensuring security and compliance, and maximizing efficiency and productivity.
