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Shri Narendra Modi conferred Business India’s “Businessman of the Year Award’ in Mumbai

Gujarat Chief Minister at Business India Buisnessman of Year Award function in Mumbai

Gujarat has devised a model to turnaround loss-making and sick PSUs into profit-making ones, for the nation to emulate
– Narendra Modi

Gujarat Chief Minister Narendra Modi said that his government has successfully devised a model to turnaround sick and loss-making Public Sector Undertakings (PSUs) into profit making companies.

Speaking at a function in Mumbai to present Business India Awards, he recalled that ten years back the State PSUs used to incur a huge loss of Rs.2,700-crore but with implementation of ‘good governance’ those companies have now earned the reputation of profit-making corporate houses.

For instance, he said that Gujarat Electricity Board incurred a loss of Rs.2,543-crore after infusing a subsidy of Rs.900-crore in 2001, but after professional governance it earned a profit of Rs.700-crore today. He gave accounts of seven other companies which were turned around.

Usually the government either shuts down or sells loss-making PSUs, but Gujarat has provided a third alternative of converting a loss-making undertaking into a profit making one for the nation to emulate.
Congratulating Mr. Dilip Sanghvi, chairman of Sun Pharma Group, for winning the Business India Businessman of the Year Award for 2011, Mr. Modi said the credit for Gujarat leading in the pharmaceutical industry partly goes to establishment of one of the oldest pharmacy colleges in Ahmedabad which produced students who leave their mark all over the world now.


The Chief Minister listed many more unique projects undertaken by Gujarat, notably declaring a policy to encourage manufacture defence equipment, setting up Dholera SIR and GIFT City. While Mahatma Gandhi led India’s freedom struggle, he hoped that India’s development will take form of a people’s movement in the 21st Century.

He said that Gujarat has registered a 40 per cent growth in tourism, 60 per cent growth in milk production, 11 per cent growth rate in agriculture, eradicating 112 diseases among livestock through a series of animal fairs. Gujarat is the only state to provide 24×7 3-phase electricity to all the villages. Load shedding is a thing of the past.

Mr. Modi said that Gujarat has attained a revolution of sorts in the field of electricity and water management. The groundwater table has risen by 13 metres. Gujarat has earmarked Rs.2.50-lakh-crore for the state’s Twelfth Five Year Plan, far more than the provisions for all the previous Five Year Plans totaling Rs.2.30-lakh-crore.

Mr. Shashi Ruia, Chairman of the Business India Jury for Award, attributed the success of the Gujarat model of development to the leadership of the Chief Minister, even as Mr. Dilip Sanghvi represents the success story. Head of Business India Ashok Advani lauded the Chief Minister for infusing a whiff of fresh air in Indian politics. Mr. Dilip Sanghvi also described Mr. Narendra Modi’s vision of development as unique.



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