Full Form of PSU | PSU Full Form | What is PSU | About PSU
Full Form of PSU is Public Sector Undertaking: PSU stands for Public Sector Undertaking. The government-owned firms are called Public Sector Undertakings (PSUS ) in India. PSUS are created by the govt to undertake industrial projects under its own banner. These government-owned firms are less involved regarding creating profits and additional targeted towards nation building and improving the economy of the country. The majority of the corporate equity (51% or more) in psus is in hand by the central government or the state government or part by the central government and partly by the authorities. The comptroller and Auditor General of India (CAG) audits all PSUS . It’s the authority to appoint the Auditor and direct him to follow the right audit method to audit the accounts of the PSU.
PSUS will be divided into 3 groups:
Central Public Sector Enterprises (cpses)
Public Sector Enterprises (pses)
Public Sector Banks (PSB’s)
According to Wikipedia:
A state-owned enterprise in India is called a Public Sector Undertaking (PSU) or a Public Sector Enterprise. These firms are owned by the union government of Republic of India, or one amongst the many state or territorial governments, or both. The company stock needs to be majority-owned by the govt to be a PSU. PSUs could also be classified as Central Public Sector Enterprises (CPSEs), public sector banks (PSBs) or State Level Public Enterprises (SLPEs). CPSEs are firms during which the direct holding of the Central Government or different CPSEs is fifty one or additional. they’re administered by the Ministry of significant Industries and Public Enterprises.
When India achieved independence in 1947, India was primarily an agricultural country with a weak industrial base. The national agreement was in favour of the speedy industry of the economy that was seen because the key to economic development, rising living standards and economic sovereignty. Building upon the Bombay set up, that noted the needof presidency intervention and regulation, the primary Industrial Policy Resolution declared in 1948 set down broad contours of the strategy of business development. later, the Planning Commission was deep-rooted in March 1950 and therefore the Industrial (Development and Regulation) Act was enacted in 1951 with the target of empowering the govt to require necessary steps to manage industrial development.
Some of the popular psus of India are listed below:
Food Corporation of India
Oil & gas Corporation limited
Mahanagar telephone Nigam limited
Indian Oil Corporation Limited
Power Grid Corporation of India
Bharat Heavy Electricals Limited
Coal India Limited
State Bank of India
National Thermal Power Corporation
Bharat Petroleum Corporation limited