Post independence to drain out indifferences among people linked to caste,religion and to eliminate gap between the rich and the poor public sector companies were set up by government of INDIA also to channelize the economic s and tap one of the abundant resources which our great nation possess apart from natural resources i.e manpower ( as we are second to china even competing to beat them in near future) by drafting an industrial policy in 1948 later modified in 1956 to classify the industries to a)Schedule A Companies entirely run by state b) Schedule B Companies run by JV of state and private sector c) Companies which run by private parties aided by MONOPOLIES AND RESTRICTIVE TRADE PRACTICES ACT 1969 and Industrial licensing policy of 1970 (later modified in 1991).
From being major employment providers for the nation public sector companies have evolved over the years by adopting to the latest technological advances by setting up world class facilities also improving the skill set of work force technically there by helping INDIA to take larger strives to compete with the best and to prove themselves to the world.
Public sector companies can be categorized into strategic related to defence,atomic energy , railways and non strategic like coal, iron ore industries Also public sector undertakings are classified as Central Public Sector Enterprises (CPSEs), public sector banks (PSBs) or State Level Public Enterprises (SLPEs),further in order to make public sector companies competent enough in global market Department of public enterprise under government of INDIA confers titles maharatna/navratna/miniratna to CPSE’s ( as shown in the table) based on their turnover and net worth there by providing autonomy to the companies in terms of investments without requiring government approvals.
(Source : archive.india.in)
LIST OF TOP TEN PUBLIC SECTOR UNDERTAKINGS
Top Ten Public Sector Companies based on the market capitalization in crores (as on 23rd January 2016) are as follows :
1. Coal India Limited (1975) – Rs.1,89,459 – Maharatna
2. Oil & Natural Gas Corporation Ltd.(1956) – Rs.1,85,183 – Maharatna
3. National Thermal Power Corporation (1975) – Rs.1,13,746 – Maharatna
4. Indian Oil Corporation Ltd.(1964) – Rs.98,635 – Maharatna
5. Power Grid Corporation of Indian Ltd. (1982) – Rs.69,684 – Navratna
6. Bharat Petroleum Corporation ltd.(1952) – Rs.63,880 – Navratna
7. Gas Authority of India Ltd.(1984) – Rs.46,610 – Maharatna
8. Bharat Heavy Electrical Ltd.(1964) – Rs.36,053 – Maharatna
9. National Mineral Development Corporation(1958) – Rs.31,856 – Navratna
10. Power Finance Coporation (1986) – Rs.20,988 – Navratna
(source : Listz.com)
As per the list still we can say the public sector companies provide major employment opportunities to nation population but also excel in their respective fields like ONGC in oil and gas exploration,BHEL- providing steam turbines ,Power Grid Corporation Indian limited – transmission of electricity , GAIL – gas production etc…….. have spread their wings to different parts of the world through their expertise making INDIA proud and letting the so called developed nations to take notice how INDIA is marching on to become one of the fastest growing economy in the world today and leaving a mark on the world map which is also proven by the recent success stories of ISRO(run by government) in launching satellites.
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