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| Erstwhile JK political regimes sanctioned loans without caring for recovery | | Of Rs 840 cr, mere Rs 2.40 cr recovered till date | | Early Times Report
jammu, Feb 24: The failure of the erstwhile PDP led government to recover loans from various corporations and other entities resulted into the non realisation of whooping Rs 843 crore.
Jammu and Kashmir Power Development Corporation, Srinagar Development Authority and several other institutions emerged as major defaulters in the entire process.
Documents in possession of Early Times reveal that the total outstanding loans registered in J&K increased from Rs 1,409.83 crore to Rs 1,660.86 crore during the period 2013-14 to 2017-18. Of Rs 1,660.86 crore, major portion of loans amounting to Rs 843.44 crore were outstanding against seven entities. (1) Municipalities Rs 5.17 crore (Nil recovery), (2) Development Authority, Srinagar - Rs 1.91 crore (Nil recovery), (3) Public Sector and other Undertakings (J&K, HPMC Ltd) - Rs 12.66 crore (Nil recovery), (4) Electricity Board, JKPDC - Rs. 85.04 crore (Nil recovery), (5) Agro Industries - Rs 7.94 crore (Nil recovery), (6) J&K Industries Ltd - Rs 383.98 crore (Rs 2.50 crore), (7)Jammu and Kashmir State Road Transport Corporation Limited - Rs 3,46.72 crore (Nil recovery).
Against the outstanding amount of Rs 843.44 crore, Rs 2.50 crore were only recovered during 2017-18. The recovery of loan was found to be "very poor" resulting in continuous increase in outstanding balances from Rs 1,409.83 crore in 2013-14 to Rs 1,660.86 crore in 2017-18.
Scrutiny of the records reveal that loans and advances given to J&K Industries Ltd revealed that there was outstanding loans of Rs 373.19 crore against J&K Industries Ltd as on March 2017. Despite poor performance of recovery, State Government disbursed new loan of Rs 13.29 crore and recovered only Rs 2.50 crore during 2017-18. Loan amounting to Rs 383.98 crore was outstanding against J&K Industries Ltd. which had an accumulated losses of Rs 529.39 crore ending 2008-09.
Thus, the loan was sanctioned by the State Government without ensuring its recovery. The reason why such a huge amount was provided by the government as loan to a company which was reeling under the loss continues to remain a mystery. The PDP led dispensation in Jammu and Kashmir at that time dished out no concrete reason for such an action which according to many was bizarre and uncalled for.
An amount of Rs 25,526 crore was received as internal debt which includes Market Loans of Rs 6,200 crore and loans of Rs 668 crore from financial institutions and banks during 2017-18 which was Rs 4,802 crore (23 per cent) more than internal debt receipt of Rs 20,724 crore of the previous year.
The Public Accounts Receipts decreased from Rs 35,983 crore in 2016-17 to Rs 30,697 crore, disbursements also decreased from 33,586 crore in 2016-17 to 30,861 crore in 2017-18 mainly because of less receipt/disbursement under remittances as compared to the previous year. The excess of receipts over disbursement was Rs 2,397 crore in 2016-17 and it has come down to minus Rs 164 crore in 2017-18 mainly because of excess disbursement of remittance over receipts during 2017-18. |
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