PSUs under Steel Ministry sign MoUs for transparency in work

NEW DELHI: Public sector units under the Steel Ministry on Monday signed Memoranda of Understanding (MoU) with the Transparency International India which seek to improve the PSUs' fairness and transparency in procurement and contracts.

The MoUs were signed by nine PSUs, including Steel Authority of India Limited (SAIL) and National Mineral Development Corporation Limited, at the Vigilance Conclave organised by the Steel Ministry.

The MoUs also seek to substantially improve the systems and reduce corruption in public dealings and incidentally go a long way in enhancing the image of these PSUs.

Central Vigilance Commissioner Pratyush Sinha, while addressing the PSUs officials said vigilance should not be perceived as an adversarial relation with management functions and rather should be seen as a tool to enhance efficiency and effectiveness of the organisation.

He asked the PSUs to build institutional framework to enhance preventive vigilance.

Steel Secretary R S Pandey said the MoUs demonstrated the commitment of the Ministry to improve the ambiance of transparency in the business of governance of the PSUs, but cautioned that Integrity Pact might cause imbalances if not implemented in the right spirit.

Transparency International Chairman Admiral (Retd) R H Tahiliani spoke about the public perception of countries and companies as far as adoption of fair practices were concerned. He cited examples from India and overseas on how the signatories could benefit in financial terms in the long run.