These are the units, which once played a critical role in nation building and are still considered the very jewels of Indian industrial development. And in an era of globalization, it's no wonder, they are fast adopting new vision of corporate ethics to meet today's demand. Having countered the onslaught of global MNCs, a number of PSUs such as ONGC, Indian Oil, Bharat Petroleum, Hindustan Petroleum have made their gorgeous entry into the Fortune list. The Government has also adopted effective measures for the revitalization of the PSUs. The Policy Statement on Disinvestments aimed at modernising PSUs, repaying public debt, setting up a disinvestments proceeds fund, and offering shares to employees has gone a long way in giving them a competitive edge.

The image of some of the PSUs has in fact changed from that of a ‘government’ industry to a market firm. These PSUs have changed their style of functioning, systems and skills, which were relevant and effective in a global ambience. Having shed their inhibitions and having embraced change, they have made themselves sustainable in the global scenario. In fact, the stocks of many PSUs have been among the best in the market. And the key word for the success has been corporate governance, competition and excellence. Some of the PSUs such as ONGC, BHEL have already made their presence felt at the international level through export and by taking up projects abroad. In fact, in today's commercial ambience the PSUs have successfully embraced change in order to survive. The PSUs, no wonder, are moving towards becoming the ‘nervous system of the economy’ once again. The ability of PSUs to evolve an organizational model that can both meet the challenges of competition and fulfil social needs is fast harnessing its entrepreneurial abilities. And if time is the touchstone of performance, it won't be surprising that they catapult themselves to prominent positions.