The
Prime Minister met the CMDs of twenty five major Maharatna and Navaratna CPSEs. These enterprises account for a large proportion of
the India's market capitalization, organized sector employment and are a major
contributor to India’s economic growth.
After hearing the views of the CMDs, the Minister for Heavy Industries and Public
Enterprises, The Finance Minister and the Deputy Chairman of Planning
Commission, the Prime Minister spoke about the importance of the Central Public Sector
Enterprises to the processes of nation building. The Prime Minister noted that
the Public Sector Enterprises were instruments for bringing India back into
reckoning as one of the great economies of the world. The Prime Minister said:"
We cannot be satisfied with the status quo. Our growth should be maintained at
the level of 8 to 8.5 percent regardless of what happens in the world economy.
We must learn to swim and swim fast enough whatever be the circumstances."
The PM spoke of the contributions of the CPSEs
to our economy today. They contribute over 6% of our GDP and their profits
are at a record levels of almost Rs 1,00,000 crore. They have helped in
transforming hitherto backward regions into modern hubs of industry and
prosperity. The Prime Minister told the gathering: "Even if the
international demand is not there, domestic demand should drive the investment
and our endeavours".
The need of the times, the PM emphasized, is to be ready for the
challenges of the future. Today, CPSEs face
competition from not just domestic private enterprise but also from global
corporations. As one of the biggest emerging global economies, India is an
important destination for all Multi-National Corporations and competition will
intensify in future. The PM therefore strongly urged them to focus on
increasing the efficiency of operations, aim for achieving world-class
competencies. He spoke of the need to commit to innovations in technology,
human resources and create a culture of optimism.
Drawing attention to the large cash surpluses of CPSEs,
the PM asked the CPSEs to use that surplus for
their own benefit and the benefit of the economy. They should use it for
driving investment, growth and jobs. Investing such cash surplus would help in
re-igniting the growth impulses that are present in the economy. The
Prime Minister noted that the investment rate in the country had declined due
to recent slowdown, which should be increased to 36% to 37% to achieve 8
percent growth.
The Prime Minister said that he had noted the need for improving coordination
in expediting project clearances and for generating an appropriate long term
vision. He asked the Minister of Heavy Industry & Public Enterprises
and the Department of Public Enterprises to work with the Finance Ministry,
Planning Commission and the National Manufacturing Competitiveness Council
towards addressing these issues. “We are a government determined to overcome
difficulties in the spirit of national enterprise", the Prime Minister
concluded.
In June 2012, the New York Federal District Court convicted poker club
owner Lawrence DiCristina on charges of operating and conspiracy to
operate an illegal gambling business in violation of the U.S. Federal
legislation The Illegal Gambling Business Act, 1970 (“IGBA”). DiCristina
(The “Defendant”) brought a motion for acquittal, arguing that the
operation of poker games did not violate the IGBA. 
