Governor Stresses Transparency, Financial Discipline for Odisha PSUs

In a bold move aimed at transforming Odisha’s economy, Governor Dr. Hari Babu Kambhampati has proposed the listing of select State Public Sector Undertakings (PSUs) and government-owned companies on the stock market.

Speaking at a high-level review meeting attended by all PSUs at New Abhishek Hall, Raj Bhavan here, the Governor underscored the potential of this initiative to enhance accountability, drive performance, and increase the financial strength of Odisha’s PSUs.

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 Dr Kambhampati highlighted that the core responsibility of PSUs is to ensure transparency, efficiency, and financial discipline in managing public resources. “A well-functioning PSU not only enhances the company’s value but also contributes significantly to the state’s wealth,” he remarked. He stressed the need for timely audits and the regular submission of audit reports to build credibility and respectability with the public.

The Governor also 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. He urged PSU heads to adhere strictly to financial norms, hold AGMs regularly, and finalize accounts by September 30 of the following financial year.

Addressing the common perception of PSUs as loss-making entities, Kambhampati reassured that the reality had changed. He emphasized the importance of transparency, audits, and compliance to rebuild public trust in PSUs. Drawing inspiration from Gujarat’s success under the leadership of Narendra Modi, the Governor cited how undervalued PSU stocks there have now become highly sought after investments.

“PSUs are the backbone of our economy. Their full potential must be realized for the benefit of the people and the state,” said Dr. Kambhampati, urging PSU heads to prioritize financial discipline and ensure up-to-date accounts.

The meeting was attended by senior officers from various departments, including Principal Secretary to Governor, Shri NBS Rajput, Principal AG, Shri D. Sahu, Senior Deputy AG (Admn), Sri Siraj Ashoka, and Deputy AG (PSU Audit), Sri Subham Baidyanath Swamy.