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| PSUs incur losses worth Rs 2000 crore to JK exchequer | | Parasites to public purse | | Early Times Report
Jammu, Oct 4: The Public Sector Undertakings (PSUs) continue to incur losses of thousands of crores to the public purse due to these units being mismanaged by the former regimes in the erstwhile J&K State.
The official documents in possession of Early Times reveal that the government had cumulative investment of Rs 653.52 crore in 24 companies (Rs 279.76 crore), three Statutory Corporations (Rs 322.74 crore), eight Co-operative Institutions/Local Bodies (Rs 37.83 crore), two Rural Banks (Rs 12.85 crore) and two Joint Stock Companies (Rs 0.34 crore).
During 2013-14, 2014-15 the dividend/interest receipt was Rs 128.88 crore. However it decreased to Rs 54.13 crore in 2015-16, Rs 45.11 crore in 2016-17 and during the year 2017-18, no amount was received. The return on investment solely came from the Jammu and Kashmir Bank Limited, in which the Government holds 59.23 per cent equity.
The rate of dividend/interest was 24.17 per cent during the year 2013-14 and it continuously decreased during the subsequent years and there was no return in 2017-18, while the investment during the said period increased from Rs 533.27 crore to Rs 653.52 crore. During last five years State Government made investment to the tune of Rs 401.57 crore ( Companies 4, Statutory Corporations 2 and Rural/Cooperative Banks 2) out of which only two4 had made profit and remaining six5 had suffered sustained losses and had an combined accumulated loss of Rs 3,153.29 crore at the time of finalization of their accounts.
During 2017-18, investment were made by the State mainly in loss making Statutory Corporations/Government Companies viz; The Jammu and Kashmir State Financial Corporation (Rs 87.88 crore), Jammu and Kashmir state Road Transport Corporation (Rs 3.75 crore), The Jammu and Kashmir Bank limited (Rs 3.55 crore) and The Jammu and Kashmir Scheduled Castes, Scheduled Tribes and Backward Classes Development Corporation Ltd. (Rs 0.90 crore).
These Statutory Corporations/Government Companies had accumulated losses as per latest finalized accounts - The Jammu and Kashmir State Financial Corporation (Rs 135.50 crore up to 2016-17), Jammu and Kashmir State Road Transport Corporation (Rs 1,148.11 crore up to 2013-14), The Jammu and Kashmir Bank limited (Rs 1,632.29 crore up to 2016-17) and The Jammu and Kashmir Scheduled Castes, Scheduled Tribes and Backward Classes Development Corporation Ltd. (Rs 5 crore up to 2001-02).
Records reveal that Jammu and Kashmir government has total investment of Rs 364.20 crore in above four PSUs/Government Companies whose accumulated losses were Rs 2,920.90 crore as on date of finalization of their accounts. |
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