Jaitley said public sector undertakings should learn to function like private business houses in a competitive environment.
Zee Media Bureau
New Delhi: The government has said that four public sector companies face shut down since the possibility of its revival are remote.
Finance Minister Arun Jaitley has also asked other Public Sector Undertakings (PSU) to pull their socks up if they want to stay in the free competition era.
Jaitley has also told Parliament that the government is trying to revive seven ailing PSUs via Joint-venture and disinvestment route.
He also said public sector undertakings should learn to function like private business houses in a competitive environment.
"The Public Sector Undertakings (PSUs) must learn how to function like any other business organisation in a competitive environment and should not be run like a government department," he said, replying to supplementaries in the Rajya Sabha.
The minister informed the elders that 79 central public sector enterprises have incurred losses, of which 49 are sick.
"A total investment of Rs.157,211 crore has been made in these enterprises," he said.
With PTI Inputs