GoM may take up PSE problem areas

The Cabinet on Wednesday will consider the proposal to set up an empowered group of ministers (EGoM) for sale of minority stake in public se...

The Cabinet on Wednesday will consider the proposal to set up an empowered group of ministers (EGoM) for sale of minority stake in public sector enterprises (PSEs). The draft disinvestment policy will, however, not be taken up.

The Cabinet will also consider the proposal for the establishment of a Board for Reconstruction of Public Sector Enterprises (BRPSE).

The EGoM will monitor the sale of PSE equity in the domestic market and as global depository receipts (GDRs). It will also finalise the price of the equity to be offloaded, said officials in the ministry of heavy industries & public enterprises.

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The EGoM is the UPA government’s alternative to the previous regime’s Cabinet committee on disinvestment (CCD). The EGoM, however, will work on the recommendations of BRPSE.

The board’s role will be advisory in nature. To be headed by an appointed chairman, it will comprise secretaries of departments of public enterprises and disinvestment. The board is expected to recommend measures to strengthen PSEs and make them more autonomous and professional.

Another proposal related to the public sector that the Cabinet will deliberate upon is about a Rs 517-crore relief package for the PSEs under the ministry of heavy industries. The money is for the outstanding dues of workers of the ministry’s PSEs.

There is one more proposal concerning the public sector — review of the 10 per cent purchase preference policy. But the Cabinet does not take up the draft disinvestment policy prepared by the finance ministry.

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