Post Independence, the national consensus was in favour of rapid industrialisation of the economy which was seen as the key to economic development, improving living standards and economic sovereignty. While others criticised the New Delhi, and particularly the Presidencies for not establishing sufficient British Raj funded, Western style Schools, Public Libraries, Universities, Medical Schools, Engineering colleges, Hospitals and Asylums, to permit the rapidly expanding population to replicate Britain's own industrialisation. Vocal critiques, of this Western capitalist system, notably the Indian independence movement leading Mahatma Gandhi, instead advocated for a self-sufficient, largely agrarian, communal village based existence, for the population, in the first half of the 20th century. With the British Raj electing to leave agricultural production, and what little Western aping industrialisation to the Private sector, with commercial Tea processing, Jute mills, of the like the Acland Mill, Railways, Electricity generation, Banks, Coal mines, Steel mills, Civil Engineering funded, and owned by private individuals, of the like of Jamsetji Tata, families, or through Privately owned, and sometimes traded companies, on the likes of the Bombay Stock Exchange. There were only eighteen, state owned, Indian Ordnance Factories, previously established to reduce the dependency of the British Indian Army, on imported arms. When India achieved independence in 1947, it was primarily an agrarian entity, with a weak industrial base. įurther information: Economic history of India CPSEs have been earned revenue of about ₹25.43 lakh crore during the financial year 2018–19. The total paid-up capital as of 31 March 2019 stood at about ₹2.76 lakh crore. These enterprises represented a total investment of about ₹16.41 lakh crore as on 31 March 2019. In 1951, there were just 5 enterprises in the public sector in India, but in March 2021 this had increased to 365 which includes 7 new Defense PSUs. Public sector undertakings are classified as central public sector undertakings (CPSUs, CPSEs) which are wholly or partly owned by Government of India or state level public sector undertakings (SLPSUs, SLPSEs) which are wholly or partly owned by state or territorial governments.
The stock of these establishments are majority-owned by the government in a public sector undertaking.
The employees subordinate to the officers working for these respective entities and their subsidiaries are full-fledged government employees. The officers working for these entities and their subsidiaries are gazetted officers. These establishments are wholly or partly owned by the Government of India or one of the many state or territorial governments or both together in parts. ( July 2021) ( Learn how and when to remove this template message)Ī government-owned enterprise, government-owned corporation, statutory corporation and a nationalised company in India is called a public sector undertaking ( PSU) or a public sector enterprise. This article may require copy editing for grammar, style, cohesion, tone, or spelling.