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news details
In five years, Govt owned companies incur losses worth Rs 3000 crores
Draining of public purse
1/16/2021 11:34:43 PM

JAMMU, Jan 16: Causing an impeccable level of stress to the already cash starved Jammu and Kashmir, the government owned companies in mere five years have caused losses worth more than three thousand crores to the public purse.
As per the official documents in possession of the Early Times, the past State Government how UT 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 two had made profit and remaining six had suffered sustained losses and had an combined accumulated loss of Rs 3,153.29 crore. During 2017-18, investment were made by the State now UT mainly in loss making Statutory Corporations/Government Companies viz; The Jammu and Kashmir Financial Corporation (Rs 87.88 crore), Jammu and Kashmir 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 Financial Corporation (Rs 135.50 crore up to 2016-17), Jammu and Kashmir 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).
As on 31 March 2018, State 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.
The Finance Accounts of the Government do not include a complete statement of all assets belonging to the State Government because the subsidiary records of assets and their valuation are not maintained by the Accountant General (A&E), Jammu and Kashmir. The Finance Accounts merely depict cumulative Capital Expenditure, each year’s Capital Expenditure being added in nominal terms without any adjustment of appreciation/depreciation of assets.
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