Government brings Department of Public Enterprises under Union Finance Ministry
Department of Public Enterprises is a nodal entity for the policy formulation for all the Central Public Sector Units (PSU).
Amid the news of an imminent reshuffle in the Union Cabinet, the gazette notification issued by the Union cabinet Secretariat on July 6, 2021, informed that the Finance Ministry has been expanded with an addition of the Department of Public Enterprises. It is a nodal entity for the policy formulation for all the Central Public Sector Units (PSU).
According to the Department’s website, as a result of the reorganization of the Ministries/Departments of the Union Government in September 1985, the Bureau of Public Enterprises (BPE) was made part of the Ministry of Industry.
Later, in May 1990, BPE was made a full-fledged department known as the Department of Public Enterprises.
Department of Public Enterprises: Background
• As per the Department’s website, the Department of Public Enterprises was set up as the Bureau of Public Enterprises (BPE) in 1965 and it was under the Ministry of Finance.
• Later, in 1985, BPE was made part of the Ministry of Industry and in 1990 was made a full-fledged department known as the Department of Public Enterprises.
• Until now, the Public Enterprises department was part of the Ministry of Heavy Industries and Public Enterprises.
Union Cabinet reshuffle:
PM Modi is likely to reshuffle his council of Ministers of July 7, 2021, in the first-ever since assuming charges for a second term.
The predictions have been made regarding the changes in the Union Cabinet as a major shakeup in the Central Government, as Prime Minister Modi aims to make it more representative with ongoing political and governance challenges.
BJP leaders Sarbananda Sonowal, Narayan Rane, and Jyotiraditya Scindia as being seen as probable for induction as ministers in the Modi Government.
Creation of Ministry of Co-operation:
The Central Government on July 6, 2021, also created a new Ministry of Co-operation for providing a separate legal, administrative, and policy framework for strengthening the cooperative movement and to realize the vision of ‘Sahkar se Samriddhi’.