Union Steel Minister Chaudhary Birender Singh on Monday directed the CMDs of Public Sector Units (PSUs) under the ministry of steel to finalize and implement all SPVs and joint ventures in a time-bound manner, adding that the ramping up of modernized units also has to be completed with all seriousness and commitment within stipulated timelines.
The Minister, who chaired the Brainstorming Session with key stakeholders in the steel industry here, remarked that there are pockets of excellence in each plant and unit, which need to be replicated to transform the steel plant into a hallmark of excellence, which, he said, is possible only when the plant is at par with international benchmarks of excellence in production and quality.
"To encourage a healthy competition amongst the PSU Steel Plants, the ministry will assess and declare a 'Plant of Excellence' based on overall performance vis-a-vis international standards. I will review the performance at the plant and unit level, and production performance will be closely monitored by the ministry. Responsibility for time and cost overruns will be fixed as a norm from now on, and any genuine difficulties and constraints could be highlighted in such review meetings so that quick remedial action could be taken," he stated.
Singh further said the lack of coordination, one-upmanship, groupism, egocentricity and micro-vision at the Board level not only impacts the company adversely in short term, but also leads to long term harmful consequences. Accountability and responsibility, he said, has to begin from the top, and mechanism for rewarding good performance and disincentives for poor performance should be applicable at all levels.
The meeting was also attended by the Minister of State for Steel-Vishnu Deo Sai, Steel Secretary Dr Aruna Sharma, senior officials from the Ministry, CMDs and other officials from the PSUs under the ministry of steel.
Disclaimer: No Business Standard Journalist was involved in creation of this content
