Mixed economy system has been a panacea to address the ills of both capitalism and socialism as the public sector has the potential and potency to address social, income and regional inequalities through making accessible basic inputs for development and essential services to the masses along with job opportunities in myriad sectors both directly and indirectly. Public sector enterprises in India has served as the bedrock for development and growth. Highlighting the contributions of public sector the article examines that the wantonly diminishing the roles of public sector in the guise of so called new economic reforms of nineties has neither been desirable and justified nor serves nation’s interest in the long run. The article opines that resourceful, resilient and efficient public sector enterprises are required not only for socioeconomic objectives but also to regulate and control concentration of economic power and assets: a source of exploitation, discrimination and formation of exclusive communities. India taking over the presidency of the G-20 is an opportunity to make new perspectives on public sector as a vehicle for ushering socio economic equity through making accessible basic services and opportunities of employment.