PSUs should support each other to ensure growth, says Industries Minister

Public sector enterprises should support each other and work together to ensure sustainable growth, said Industries Minister A C Moideen here on Friday.

Published: 14th July 2018 05:54 AM  |   Last Updated: 14th July 2018 05:54 AM   |  A+A-

By Express News Service

KOCHI: Public sector enterprises should support each other and work together to ensure sustainable growth, said Industries Minister A C Moideen here on Friday. “The government is committed to strengthening public sector units (PSU). If PSUs procure components and raw materials from other PSUs, it will help them ensure better sales and improve their finances,” he said, while inaugurating the Plant Capacity Enhancement project and new machinery at Traco Cable Company at Irumpanam.

“Meanwhile, the PSUs should ensure the quality of their product and try to find their own market. The government will not be able to fund the PSU forever,” he said.

The KSEB will procure 35 to 40 per cent of their requirement from Traco Cables.
The company should use this as an opportunity to improve its finances and try to find its own market, said Moideen.

The Health Department is procuring medicine from Kerala State Drugs and Pharmaceuticals now.
Last year the government hospitals in the state procured `60 crore worth of medicine and this year they are planning to buy medicines worth `100 crore.

Now, the governments of Karnataka and Andhra Pradesh have come forward to procure medicine from Kerala State Drugs and Pharmaceuticals, he said.

In tune with this policy, the Public Works Department has decided to procure 40 per cent of the steel for construction work from the Steel Complex Ltd in Kozhikode, the minister said.

The state government is trying to take over Kerala Electricals and Allied Engineering company in Kasargod and Hindustan Newsprint Ltd as the Union government is planning to hand over these PSUs to the private sector.

Moideen urged banks to support PSUs and provide them with the working capital.
He said there are some vested interests who are trying to create panic among the public and shut down the industrial units at a time the state government is striving to attract more investment and create more job opportunities.

MLA Anoop Jacob presided over the function. Public Sector Restructuring and Internal Audit Board chairman M P Sukumaran Nair, M Swaraj MLA, Thripunithura Municipal chairperson Chandrika Devi and others spoke.

Traco Cables chairman K Radhakrishnan welcomed the gathering and MD Santhosh Koshy Thomas presented the report. DGM K S Shaji proposed the vote of thanks.

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