Industries Minister P. Rajeeve has announced a revamp of the public sector Restructuring and Internal Audit Board (RIAB) to equip it with a project management system with technical experts from various fields for the implementation of the master plans in 41 public sector units.
Speaking at a press conference here on Friday, he said the master plans which were prepared recently for public sector undertakings (PSUs) aim at protecting them even while making them competitive and profitable and not requiring frequent fund infusions from the government for their survival.
"Separate project management teams will be formed for each of the seven categories of PSUs. Each team will have a technical expert from the respective field, a planning and administration expert and a financial expert. Roy Kurian, former Managing Director, Kerala Minerals and Metals Limited (KMML), will coordinate the activities of all the committees. The committees will be visiting each of the PSUs under them as part of the implementation of the master plan. The institutions can also use the services of interns from top institutes for project implementation," said Mr. Rajeeve.
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Additional investments
An estimated ₹9,467.35 crore in additional investments is expected in 41 public sector units with the implementation of 405 projects under the master plan, out of which 175 will be short-term projects, 131 medium-term and 99 long-term projects. The funding will be using the reserve funds of the PSUs, bank loans and the funds allocated by the State government. Around 5,500 new job openings are expected to be created in these institutions with the implementation of the master plan.
"To take forward these plans, the PSUs need to be given more autonomy than exists at present. Financial and functional autonomy with accountability will be the policy as far as these institutions are concerned," said Mr. Rajeeve.
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He said the land allotment policy for industries will be ready by January. An electronics hub will be developed with Keltron as the anchor industry, with productions of power electronics, space electronics and defence electronics equipment.