What is the Full form of PSU?
1) The full form of PSU is Public Sector Undertaking. State-owned corporations or enterprises in India are recognized as PSUs. The government introduces PSUs under its sign and standard for carrying out commercial work. Such state-owned companies are less apprehensive about profit-making and much more oriented on the nation-building directions and developing and expanding the nation’s economy.
The central or state government manages most of the company’s equity in PSUs that are having 51% or more. The CAG (Comptroller and Auditor General ) of India monitors all PSUs.
History of PSU
- It was mostly an agricultural country with a fragile industrial foundation when India acquired independence in 1947.
- In 1948, the first Industrial Policy Resolution proclaimed and set down a comprehensive outline of the industrial development policy and method.
- India’s second five-year plan (1956–60) and the 1956 Industrial Policy Resolution highlighted the creation of state-owned enterprises to comply with the Nehru’s national strategy of industrialization.
- Dr V. Krishnamurthy, regarded as the Father of Public Sector undertakings in India, took Nehru’s dream forward.
One can classify PSUs into three groups
- PSEs – Public Sector Enterprises
- CPSEs – Central Public Sector Enterprises
- PSBs – Public Sector Banks
Famous PSUs of India
- CIL – Coal India Limited
- HPCL – Hindustan Petroleum Corporation Limited
- BHEL – Bharat Heavy Electricals Limited
- FCI – Food Corporation of India
- SBI – State Bank of India
- SAIL – Steel Authority of India Limited
- GAIL – Gas Authority of India Limited
- NTPC – National Thermal Power Corporation
- PGCI – Power Grid Corporation of India
- MTNL – Mahanagar Telephone Nigam Limited