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Full form of PSU is Public Sector Undertaking. In India, PSUs known as state-owned businesses or companies. PSUs are create by the government in accordance with its policies for conducting business. Such state-owned companies are more focused on developing and expanding the nation’s economy than they are on making a profit. Additionally, the national or state government controls the bulk of the stock in PSUs with 51% or greater equity. Moreover, the CAG (Comptroller and Auditor General) of India is responsible for auditing all PSUs.
Famous PSUs in India
Few of the famous PSUs in India are:
HPCL – Hindustan Petroleum Corporation Limited
CIL – Coal India Limited
BHEL – Bharat Heavy Electricals Limited
SBI – State Bank of India
FCI – Food Corporation of India
SAIL – Steel Authority of India Limited
NTPC – National Thermal Power Corporation
GAIL – Gas Authority of India Limited
PGCI – Power Grid Corporation of India
MTNL – Mahanagar Telephone Nigam Limited
Background of PSU
The first Industrial Policy Resolution was released in 1948 and provided a full definition of the methodology and policy for industrial growth. Also, India gained its independence in 1947 as a predominantly agrarian country with a precarious industrial basis. Also, the establishment of state-owned businesses is also underlined in India’s second five-year plan (1956–1960) and the 1956 Industrial agenda Resolution to support Nehru’s national industrialization agenda. Furthermore, the vision of Nehru was carried out by Dr. V. Krishnamurthy, the founder of India’s public sector firms.
PSUs Category
Also, PSUs can be classified into 3 categories:
- PSBs – Public Sector Banks
- PSEs – Public Sector Enterprises
- CPSEs – Central Public Sector Enterprises
We hope this article give you information on the full form of PSU. Do you want to know more full forms like this? In the world of short forms, you can rely on our page to know more! Get in touch with our study abroad experts to achieve your international dream today!