Improve on professionalism, reduce expenditure: Nirmala Sitharaman to PSEs
Gandhinagar(PTI): Union Finance Minister Nirmala Sitharaman on Thursday asked public sector enterprises to improve on professionalism, reduce expenditure and consider working with private sector entities.
She was addressing the heads of various central public sector enterprises (CPSEs) at Mahatma Mandir in Gandhinagar after inaugurating a mega exhibition on the contribution of these government-owned companies to nation-building as part of the Azadi Ka Amrit Mahotsav celebrations.
"It is now time for PSEs to show that you are very keen to improve on your professionalism as much as you have done between 1991 and now. And where possible, in order to bring down the overheads, it might be worth looking at private participation together with what you are doing...you can benefit from the efficiency of the private sector," Sitharaman said.
Referring to the new PSE policy announced in 2021, the Finance Minister said PSEs need to be aware of the competition they will face from the private sector for whom the government has opened the strategic sectors.
"The policy has opened up for the private sector to operate, and therefore, I would raise a flag here to all the PSEs. The moment you are opening up for the private sector to come into an area, we in the public sector will have to be conscious of the level of competition which is going to be before us.
"And if we are conscious of the level of competition, I am sure, just like you have done in the past for several decades, you will face the challenge, and also be able to stand up and through better efficiencies be on the top rather than leave the space," Sitharaman said.
She termed the economic reforms, which were introduced in the country in 1991, a "game-changer".
"With India opening up after 1991, PSEs started competing with the private sector entities. You found that to be a game-changer as the PSEs realised that now they have to improve on their efficiencies, also scale up and reduce the overheads," the minister said.
The exhibition titled "Nation Building and CPSEs" has stalls of nearly 75 central government companies, such as Coal India, GAIL India, NTPC, Steel Authority of India Ltd and Indian Oil Corporation Ltd. The exhibition will be open to the public from June 10 to 12.
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Real Madrid fines Valverde and Tchouaméni half a million euros each for altercation
Barcelona (AP): Real Madrid slapped players Federico Valverde and Aurélien Tchouaméni with half-a-million-euro ($588,000) fines on Friday for their altercation during practice.
The massive fines came a day after the midfielders tussled when the team trained. Valverde said in a post on social media on Thursday that no punches were thrown. But Valverde knocked his head on a table and he suffered a small cut that required a brief hospital visit.
On social media, Valverde initially called it a “meaningless fight” with a teammate and said “everything has been blown out of proportion."
His employers, however, considered it a significant enough breach of team discipline to nail both Valverde and Tchouaméni with fines that bite even the bank account of a top soccer player. The half-a-million euro penalties reflect the reputational damage the club was enduring in a chaotic end to a disappointing season.
In a statement, the 15-time European champion said its disciplinary action was concluded after both players expressed to the club “their complete remorse for what happened and apologized to one another.”
Madrid added they also apologized to their teammates, the coaching staff and club supporters, as well as showing their willingness to accept whatever disciplinary action the club deemed “opportune.”
Tchouaméni was back training with Madrid on Friday, two days before they play at Barcelona in a clasico. Madrid has to win otherwise Barcelona will be crowned La Liga champion.
After being notified of the fine, he posted a public apology to the club and its fans on social media.
“What happened this week in training is unacceptable,” Tchouaméni wrote. "I say this while thinking about the example we are expected to set for young people, whether in football or at school.
“Above all, I am sorry for the image we projected of the club.”
Valverde was not at practice due to the head knock.
Both players are set to play in the World Cup next month, with Tchouaméni playing for France and Valverde for Uruguay.
Chaotic end to a poor season
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The run-in between the players, who for seasons have played side by side in Madrid's midfield, came after they argued this week in previous training sessions. But tempers boiled over on Thursday. Spanish media was rife with reports that the players previously disagreed over the club's decision to let coach Xabi Alonso go after just months on the job.
It was not the only altercation involving Madrid players during training this week. Álvaro Carreras confirmed he was in a “minor” incident with a teammate. Spanish media said he and fellow defender Antonio Rüdiger got into a scuffle.
Álvaro Arbeloa, the coach who was promoted from Madrid's reserve team when Alonso was fired in January, will face tough questions on what went wrong inside the changing room when he gives a press conference on Saturday ahead of the clasico at Camp Nou.
Madrid is facing a second consecutive campaign without a major trophy amid rumors in the Spanish media that club president Florentino Pérez is considering bringing back Jose Mourinho to straighten out his underperforming team.
