The public sector Restructuring and Internal Audit Board (RIAB), which is engaged in bringing more public sector undertakings (PSUs) into profit and introducing more professionalism, will be renamed as Board for Public Sector Transformation, Minister for Industries P. Rajeeve has said.
He was addressing heads of PSUs at a workshop for chairpersons of the public sector units organised by RIAB here on Saturday. He said that PSUs should have financial discipline, be competitive and use their human resources to work for profit.
Mr. Rajeeve said that PSUs in Kerala should become an alternative to privatisation of Central PSUs and called upon heads of units to make the units profitable and professional in their operations. Kerala PSUs would be the pride of the State, he said.
Mr. Rajeeve said that 30 PSUs in the State were expected to make profit this financial year. The Minister said the decision to change the name of RIAB was part of a set of recommendations by the Paul Antony Committee.
He said the State could achieve the target of one-lakh new Micro, Small and Medium Enterprises (MSMEs) during the current financial year. While a total of 68,000 MSMEs were registered last financial year, the total number of registrations during the last three months has risen to more than 42,000.
The Minister said the trade unions in PSUs should be responsible for the working of their respective companies and called upon the management to take employees’ unions into confidence and to use the experience of the employees to take the performance to higher levels.
