Bhubaneswar: Odisha Governor Hari Babu Kambhampati Friday proposed the listing of select State Public Sector Undertakings (PSUs) and government-owned companies on the stock market.
The Governor said this while speaking at a high-level review meeting attended by all PSUs at the Raj Bhavan.
He said this would enhance accountability, drive performance, and increase the financial strength of Odisha’s PSUs, a statement issued by the Raj Bhavan said.
The meeting was organised to stress the importance of timely financial reporting, and compliance with statutory guidelines for financial discipline, transparency and good governance in PSUs, it said.
Governor Kambhampati highlighted that the core responsibility of PSUs is to ensure transparency, efficiency, and financial discipline in managing public resources.
“A well-functioning PSU not only enhances the company’s value but also contributes significantly to the state’s wealth,” the statement quoted him as saying.
He also stressed the need for timely audits and the regular submission of audit reports to build credibility and respectability with the public.
The governor also expressed concerns over the failure of several PSUs to conduct annual general meetings (AGMs) or finalise their annual accounts, terming this as a violation of corporate governance principles.
He urged the heads of the PSUs to adhere strictly to financial norms, hold AGMs regularly, and finalise accounts by September 30 of the following financial year, it said.
Addressing the common perception of PSUs as loss-making entities, Kambhampati reassured that the reality had changed. He emphasised the importance of transparency, audits, and compliance to rebuilding public trust in PSUs.
Drawing inspiration from Gujarat’s success under the leadership of Narendra Modi, the governor cited how undervalued PSU stocks there have now become highly sought-after investments, the statement said.
“PSUs are the backbone of our economy. Their full potential must be realised for the benefit of the people and the state,” said Kambhampati, urging the PSU heads to prioritise financial discipline and ensure up-to-date accounts.
PTI