Centre will set up a High Powered Regulatory body to look into the issues of Central Public Sector Enterprises, CPSEs, including autonomy and investment. The body to be headed by Cabinet Secretary will comprise officials from Prime Minister's Office, Planning Commission, Ministries of Finance and Heavy Industries and Public Enterprises. This was disclosed by the Minister of Heavy Industries and Public Enterprises, Mr. Praful Patel to media persons in New Delhi this evening after meeting of the Prime Minister Dr. Manmohan Singh with the Heads of 25 CPSEs.

Mr. Patel said that the body will periodically monitor functioning of CPSEs. He said that during the meeting Prime Minister emphasised on the vital role of CPSEs in the economic growth of the country. He said they contribute about 25 per cent of the total market capitalisation which is to the tune of fifteen lakh six thousand crore rupees.

The meeting was held under the initiative of Department of Public Enterprises headed by Mr. Patel. It was for the first time that a meeting between the Prime Minister and the Head of CPSEs was held on the lines of Dr. Manmohan Singh's annual meeting with the captains of industries from the private sector.

AIR correspondent reports CPSEs contributed more than one lakh fifty six thousand crore rupees to the central exchequer in 2010-11 and also earned foreign exchange of ninety seven thousand crore rupees.

The Prime Minister Dr. Manmohan Singh asked the Central Public Sector Enterprises, CPSE to use the surplus for the benefit economy. Addressing CMDs of major CPSEs' Dr. Singh noted that investment rate should be increased to 37 per cent to achieve 8 per cent growth. Dr. Manmohan Singh said, that there is a need for improving coordination in expediting project clearances and for generating an appropriate long term vision. He pointed out that world is facing a slow down and India has to learn to swim fast enough whatever be the circumstances.