Though Pt Jawaharlal Nehru's vision was great in creating several PSUs in core sector, they are a totally mismanaged and corrupt lot today. Take for instance, ONGC which burnt away precious natural gas from Bombay High for decades. Take IOC, BPCL and HPC. What are their gross refining and marketing margins? What is their CTC per employee (cost to the company per employee). Even what is more disturbing is the fact the Ministries controlling their respective PSUs are not bothered to look into working of these PSUs minutely. Most PSUs are either inefficient or a corrupt lot and are mismanaging their respective businesses. To some extent our failure to link wages to productivity is an important reason why we end up with high cost of products and services.
Several oil & gas fields "abandoned" by ONGC due to reason "commecially unviable" are now being successfully exploited by companies like Niko resources, Cairn etc. Similar would be the story of other PSUs if we critically analize.
Re: MTNL
by Sushil Kumar on Aug 31, 2010 09:26 PM
WHETHER MTNL OR BSNL, THE TWO ARE PSU ONLY FOR NAME SAKE. THE CONTROL/WORKING IS STILL BY GOVERNMENT. EVEN THE NEW RECRUITS OF THESE TWO PSUs CANNOT DO MUCH IN A LARGELY OLD EMPLOYEES UNION AND ASSOCIATION CONTROLLED ORGANISATION.
I just returned from a visit to the ioc gas marketing office at kochi. I have never seen such a rude pompous 'madam'. Its as though i have gone to trouble her and her condescending demenour suggests that the few words she spoke were to be treasured. Its abt time that these maharatnas r disrobed and shown their place.
Government has shown that it means only business and no governance. The pace at which PSU stakes are being sold shows a very sorry state. For money you want to sell every thing (government shares) and after selling all the shares what will be sold next?
