CPSEs to do well in future, will meet new challenges: Pranab Mukherjee at SCOPE Awards

New Delhi [India], Apr. 11 (ANI): President Pranab Mukherjee on Tuesday presented the Standing Conference of Public Enterprises (SCOPE) Awards at the 8th Public Sector Day function asserting that Central Public Sector Enterprises (CPSEs) will do well in future and will also meet new challenges.

Speaking on the occasion, the President said celebrating this day was an acknowledgement of the invaluable contribution made by our CPSEs since independence when PSEs had been chosen as the vehicle of industrialisation in our country. CPSEs will continue to do well in the future and meet new challenges.

He said that he was a firm believer in the continued relevance and importance of the Public Sector in our economy.

The President said that in our country we started with only five PSEs with an investment of Rs. 29 crore. However, their growth over the years is very substantial. Their overall net profit increased by 12.5 percent during 2015-16.

This is substantial since they have continued to perform well despite the fact that the global fiscal and economic scenario and industrial climate is not very encouraging.

He said that India is a fast growing economy and many more glorious chapters will be added to the credit of PSEs in the future too.

The President said that he had been associated with SCOPE functions on many occasions. He also congratulated the awardees and wished them further success.

Among the dignitaries present on the occasion were Anant G Geete, Union Minister of Heavy Industries and Public Enterprises; Babul Supriyo, Minister of State for Heavy Industries and Public Enterprises Seema Bahuguna, Secretary, Department of Public Enterprises and Ved Prakash, Chairman, SCOPE. (ANI)