Smita Mishra 
In a significant move, Odisha Governor Hari Babu Kambhampati has proposed listing select State Public Sector Undertakings (PSUs) and government-owned companies on the stock market. This proposal aims to enhance accountability, drive performance, and increase the financial strength of Odisha’s PSUs.
Governor Kambhampati emphasized the importance of transparency, efficiency, and financial discipline in managing public resources. He stressed that well-functioning PSUs not only enhance the company’s value but also contribute significantly to the state’s wealth. The Governor’s proposal is a significant step towards transforming Odisha’s economy and making its PSUs more competitive and efficient.
The proposal was made during a high-level review meeting attended by all PSUs at the Raj Bhavan. The meeting was organized to stress the importance of timely financial reporting and compliance with statutory guidelines for financial discipline, transparency, and good governance in PSUs.
Governor Kambhampati highlighted that the core responsibility of PSUs is to ensure transparency, efficiency, and financial discipline in managing public resources. He emphasized that a well-functioning PSU not only enhances the company’s value but also contributes significantly to the state’s wealth.
The Governor also stressed the need for timely audits and the regular submission of audit reports to build credibility and respectability with the public. He expressed concerns over the failure of several PSUs to conduct annual general meetings (AGMs) or finalize their annual accounts, terming this as a violation of corporate governance principles.
To address these concerns, Governor Kambhampati urged the heads of the PSUs to adhere strictly to financial norms, hold AGMs regularly, and finalize accounts by September 30 of the following financial year. He emphasized the importance of financial discipline and transparency in managing public resources.
The Governor’s proposal to list select PSUs on the stock market is a significant step towards increasing financial transparency and accountability. By listing PSUs on the stock market, the state aims to increase financial discipline, drive performance, and enhance the financial strength of its PSUs.
Governor Kambhampati drew inspiration from Gujarat’s success under the leadership of Narendra Modi, where undervalued PSU stocks have become highly sought-after investments. He emphasized that Odisha can learn from Gujarat’s experience and adopt similar strategies to transform its PSUs.
The Governor’s proposal has been welcomed by experts, who believe that listing PSUs on the stock market can help increase financial transparency and accountability. They argue that this move can also help attract private investment, drive performance, and enhance the financial strength of Odisha’s PSUs.
However, some experts have also raised concerns about the potential risks associated with listing PSUs on the stock market. They argue that this move can expose PSUs to market volatility, reduce government control, and create conflicts of interest.
Despite these concerns, Governor Kambhampati’s proposal is a significant step towards transforming Odisha’s economy and making its PSUs more competitive and efficient. By listing select PSUs on the stock market, the state aims to increase financial transparency, accountability, and performance, and enhance the financial strength of its PSUs.
The proposal is also in line with the state government’s efforts to promote transparency and accountability in governance. By listing PSUs on the stock market, the state government aims to increase transparency, reduce corruption, and promote good governance.
In conclusion, Governor Kambhampati’s proposal to list select PSUs on the stock market is a significant step towards transforming Odisha’s economy and making its PSUs more competitive and efficient. By increasing financial transparency, accountability, and performance, the state aims to enhance the financial strength of its PSUs and promote good governance.
The proposal is a welcome move, and it is expected to have a positive impact on Odisha’s economy. By listing PSUs on the stock market, the state government aims to increase financial discipline, drive performance, and enhance the financial strength of its PSUs.
As the state government moves forward with the proposal, it is essential to address the concerns raised by experts and ensure that the listing process is transparent, fair, and in the best interest of the state and its people.
