Coordination Among PSUs are Must

In today’s fast-paced business world, it is essential to work together: Steel Minister

Minister Chaudhary Birender Singh has directed that a High-level Coordination Committee comprising CMDs and top Ministry officials be constituted for pooling and sharing of resources among PSUs. He said, “This will lead to aggregation of demand and economies of scale among the Public Sector Undertakings (PSUs) under the administrative control of the Ministry. Formation of such a mechanism and committee would minimize areas of overlap, duplication & communication gaps and help in harnessing the potential for financial savings. In today’s fast-paced business world, it is essential to work together to retain the competitive edge.”  The idea emerged from a comprehensive joint review meeting held recently, which was chaired by the Steel Minister.
The objective of the Committee is to derive benefits of economies of scale by pooling of resources, as also sharing of best practices. ‘Terms of Reference’ of the Committee will, inter-alia, include :
·        Common procurement portal using MSTC Metal Mandi (M3)
·         Common marketing and distribution/storage facilities
·         Common R&D facilities & projects under SRTMI
·         Common Employee Welfare issues
·         Common Consultancy
·         Payment Settlement mechanism among MoS CPSEs.
·         Common platform for knowledge sharing
Shri Chaudhary Birender Singh has issued instructions for immediate action to be taken on formalising a mechanism of coordination among PSUs, which include industry leaders like SAIL, NMDC, RINL, MOIL, MSTC and MECON. AS&FA, MoS will be designated as the nodal officer from Ministry of Steel to facilitate and oversee the coordination mechanism.