Govt to leverage annual performance reviews to ensure operational efficiency of CPSEs
New Delhi: The Centre is committed to ensuring optimal operational efficiency of Central Public Sector Enterprises (CPSEs) and will deploy annual performance reviews to achieve this, Union heavy industries minister Mahendra Nath Pandey said on Thursday. Pandey said performance reviews play a pivotal role in assessing CPSEs' progress and refining their operations.
He also stressed upon the Ministry of Heavy Industries' role in realizing Prime Minister Narendra Modi's vision for engineering and automotive sectors, and catapulting the country to the league of top three global players in said industries. The annual performance review process employs the Memorandum of Understanding (MoU) evaluation system, a framework that gauges a company's performance against its predefined objectives.
This methodology empowers CPSEs to align their actions with national priorities, nurturing results-driven initiatives. The outcomes of this review will shape future decision-making and strategic planning, including diversification efforts, for CPSEs.
The evaluation equips the ministry with insights to identify areas for enhancement and to swiftly address any challenges that arise. In addition to performance evaluation, the ministry collaborates closely with CPSEs to foster their growth trajectory.
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