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Our Bureau

Coimbatore , Sept. 17

THE competition between the public sector undertakings and the private sector players operating in the same space is "equal, with unequal partners competing to establish their might," observed the Union Minister of State for Finance, Mr S.S. Palanimanickam.

He was speaking at a Customer Seminar organised by New India Assurance Company in the city. While reiterating that the competition between the public sector enterprises and the private players is a healthy one, the Minister said that the Government would extend all possible help to protect the interest of the public sector undertakings.

Mr Palanimanickam called upon the insurance company participants to improve their service standards and ensure retention of customer base. "The public loyalty is slowly shifting to the private sector, and they (private players) are gearing up to compete on two counts — (1) by taking advantage of the weakness in the Government-owned enterprises and (2) putting a stiff fight with the established public sector units."

Mr A.V. Purushotaman, Director and General Manager of the New India Assurance Company, said that the company has set a 12 per cent growth target in premium income from Indian operations for the 2004-05 fiscal.

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