Centre brings Department of Public Enterprises under Finance Ministry

Ahead of the major cabinet reshuffle, the government on Wednesday announced that the Finance Ministry has been expanded with the addition of the Department of Public Enterprises, the nodal entity for policy formulation for all central public sector units (PSU).

The department, which was under the Ministry of Heavy Industries and Public Enterprises so far, would look into the residual work relating to the erstwhile Bureau of Public Enterprises including the Industrial Management Pool.

It would also look into the coordination of matters of general policy affecting all public sector enterprises (PSEs), and evaluation and monitoring the performance of PSEs, including the Memorandum of Understanding (MoU) mechanism.

Matters relating to permanent machinery of arbitration for the PSEs, and counselling, training and rehabilitation of employees in Central public sector undertakings (PSUs) under the Voluntary Retirement Scheme, would also be looked into by the department.

Review of capital projects and expenditure in Central PSEs also would be taken care of by the department, a gazette notification said.

The department also deals in measures aimed at improving the performance of Central PSEs and other capacity-building initiatives of PSEs.

It will also render advice relating to revival, restructuring or closure of PSEs including the mechanisms required, among other responsibilities.

(With agency inputs)