BHUBANESWAR: Governor Hari Babu Kambhampati on Friday proposed listing of select state public sector undertakings (PSUs) in the stock market.
Proposing a review meeting of the performance of PSUs at Raj Bhavan here, Kambhampati said this initiative will enhance accountability, drive performance and increase the financial strength of Odisha’s PSUs.
Kambhampati said 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,” he said.
He, however, expressed concern over the failure of several PSUs to conduct annual general meetings (AGMs) or finalise their annual accounts, terming it as a violation of corporate governance principles. He urged PSU heads to adhere strictly to financial norms, hold AGMs regularly, and finalise accounts by September 30 of the following financial year.
He also stressed the need for timely audits and regular submission of audit reports to build credibility and respectability with the public.
Referring to the common perception of PSUs as loss-making entities, Kambhampati said that the reality has changed. Drawing inspiration from Gujarat’s success under the leadership of Prime Minister Narendra Modi, the Governor cited how undervalued PSU stocks there have now become highly sought-after investments.
“PSUs are the backbone of our economy. Their full potential must be realised for the benefit of the people and the state,” he emphasised.