What is meant by public undertaking?
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What is meant by public undertaking?
public undertaking means any undertaking over which a State or a local authority may exercise directly or indirectly a dominant influence by virtue of their ownership of it, their financial holding therein, or the rules which govern it.
What is public undertaking example?
The term public sector undertaking or Enterprise refers to a Government Company. They are usually fully owned and managed by the Government such as Railways, Posts, Defence Undertakings, Banks etc.
What is public undertaking explain in brief the various type of public undertaking?
Public sector organizations are those organizations that are owned, controlled and financed by the Government of the country. These organizations are controlled either by State or Central Government or Local Authorities.
What is the role of public sector undertaking?
PSUs provide leverage to the Government (their controlling shareholder) to intervene in the economy directly or indirectly to achieve the desired socio-economic objectives and maximize long-term goals.
What does undertaking mean in law?
In a finance or property law context, in some cases, an agreement or promise to do or provide something, or to refrain from doing or providing something, which is meant to be binding on the party giving the undertaking.
The government grants the status of Navratna, Miniratna and Maharatna to Central Public Sector Enterprises (CPSEs) based upon the profit made by these CPSEs. These companies are owned and operated by the Union Government of India, or a state government, or both.
Is PSU same as PSE?
Both are same. PSU is an abbreviation for Public sector undertaking and PSE is an abbreviation for Public sector enterprise. A company is called a public sector enterprise or undertaking when the majority share in the company are owned by the Government of India or the State government.
Who comes under public sector undertaking?
The total paid-up capital as of 31 March 2019 stood at about ₹2.76 lakh crore….Nationalised banks
- State Bank of India (56.2\%)
- Bank of Baroda (63.74\%)
- Union Bank of India (86.75\%)
- Punjab National Bank (85.58\%)
- Canara Bank (72.55\%)
- Punjab & Sind Bank (79.62\%)
- Indian Bank (81.73\%)
- Bank of Maharashtra (87.01\%)
What are the objectives and features of public undertaking?
Service Motive: The primary aim and objective of a public sector undertaking (PSU) are to offer quality service to the public. In order to serve the people, it may even incur losses. For instance, the Food Corporation of India provides food grains to the public at subsidised prices.