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Home / News / India /  FinMin gets DPE as its sixth department

NEW DELHI: The finance ministry was expanded on Wednesday with the addition of a new department - the Department of Public Enterprises (DPE), which so far was part of the Ministry of Heavy Industries and Public Enterprises. With this, the finance ministry now has six departments.

The finance ministry already has five departments - Department of Economic Affairs, Department of Expenditure, Department of Revenue, Department of Investment and Public Asset Management (DIPAM) and Department of Financial Services.

"The reorganisation is expected to make co-oordination between DPE and DIPAM much easier," a government official said under condition of anonymity.

This comes ahead of the first Cabinet reshuffle and expansion of the Narendra Modi government in its second term. On Tuesday, the government created a new Ministry of Co-operation for realising the vision of ‘Sahkar se Samriddhi’. An announcement regarding this was made by finance minister Nirmala Sitharaman in her FY22 Budget speech.

"This ministry will provide a separate administrative, legal and policy framework for strengthening the cooperative movement in the country. It will help deepen co-operatives as a true people based movement reaching upto the grassroots. In our country, a co-operative based economic development model is very relevant where each member works with a spirit of responsibility. The ministry will work to streamline processes for ‘Ease of doing business’ for co-operatives and enable development of Multi-State Co-operatives (MSCS). The Central Government has signalled its deep commitment to community based developmental partnership," the Cabinet Secretariat said in a statement.

DPE will be responsible for annual survey of public enterprises; residual work relating to erstwhile Bureau of Public Enterprises including industrial management pool; coordination, evaluation and monitoring the performance of PSEs including the memorandum of understanding mechanism; matters relating to permanent machinery of arbitration (PMA) for the PSEs; counselling, training and rehabilitation of employees in CPSEs under Voluntary Retirement Scheme; review of capital projects and expenditure in CPSEs; measures aimed at improving performance of CPSEs and other capacity building initiatives of PSEs; rendering advice relating to revival, restructuring or closure of PSEs;

It will also deal with matters relating to Standing Conference of Public Enterprises; matters relating to International Center for Public Enterprises and categorisation of CPSEs including conferring “Ratna" status.

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