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news details
Govt asks loss-making PSUs to stop recruitment
7/23/2019 12:16:30 AM
Ishtiyaq Ahmad

Early Times Report

Srinagar, July 22: With Public Sector Undertakings running in losses, the government has asked their authorities to stop recruiting people.
There are 19 PSUs in the state under the administrative control of various departments. However, most of the PSUs are running in heavy losses. Several are even failing to pay salaries to their employees. These were set up to generate revenue and create job opportunities in the state, but have now become a huge burden on the state exchequer, prompting the government to direct them to stop any recruitment.
As per the directives of the government, no procurement of goods and services shall be made by the public sector undertakings, autonomous bodies, societies aided by state government without following a transparent bidding process.
"No new posts shall be created by the PSUs, autonomous bodies, without the prior concurrence of Finance department. No recruitment shall be made by public sector undertakings, autonomous bodies, societies, without following a transparent and due process including advertisements inviting applications from eligible candidates irrespective of class of the posts," the order reads.
"Further, PSU, autonomous bodies, societies are instructed to undertake the changes as may be required in their bye-laws, regulations with the approval of competent authority," the order added.
Official sources said that most of the PSUs are running in huge loss due to mismanagement by authorities. "Nobody is fixing responsibility when they turned a failure in the state," an official said.
Jammu and Kashmir State Industrial Development Corporation Ltd (SIDCO) used to provide term loan assistance to industrial units under refinance scheme of IDBI, SIDBI. "However, most of the units went into default."
A source in the SRTC said the PSU has suffered loss of more than Rs 160 crore in the last 10 years. Official figures reveal that against the expenditure of Rs 120 crore, SRTC has earned Rs 95.55 crore in 2018-2019.
Struggling to pay salaries, the government has sold SRTC's land at several places to run day to day affairs of the PSU.
Jammu and Kashmir Minerals Limited was incorporated in 1960 as the first public sector undertaking of the state. Since than, the corporation according to official figures had been incurring losses.
J&K State Handloom Development Corporation was established in 1981 to assist handloom weavers' societies and SSI units in the handloom sector. However, it has been continuously running into losses.
JK Cements Limited has also suffered heavy losses over the years. The JKCL was set up three-decades-ago of producing quality cements at the reasonable prices and generating revenue for the state. However, it production has gone down over the years and its employees are often protesting against non-releasing of salaries.
JK Forest Corporation, JK Industries Limited, JKWDC, J&K Horticulture Produce Marketing and Processing Corporation Limited, J&K Minerals are also running in losses worth crores of rupees.
Sources said several PSUs have failed to pay salaries to their employees, who would often come to the streets, seeking releasing of their remunerations.
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