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| SRTC loss crosses Rs. 1639 Cr; Govt still pumping funds to revive ‘ White Elephant ’ | | | Early Times Report
Jammu, Mar 28: While as loses of the state-owned the Jammu and Kashmir State Road Corporation (SRTC) is increasing manifold after every passing, authorities continued to pump huge funds for this ‘White Elephant’ from the government exchequer.
As per the recent report of the CAG, despite 20 per cent increase in ‘Paid up Share Capital’ from Rs 204.74 crore in 2014-15 to Rs 245.57 crore in 2018-19, there was a 33 per cent increase in accumulated losses from Rs 1,229.56 crore to Rs 1,639.01 crore which indicated that capital infused by the government was not efficiently utilised by those at the helm of the affairs of SRTC.
The operating revenues declined from Rs 83.09 crore in 2014-15 to ` 79.71 crore in 2018-19 and comprised about 58 per cent of total receipts during the period from 2014 to 2019. “The non-plan grants received from the J&K Government which decreased from Rs 35.54 crore in 2014-15 to Rs 30.00 crore in 2018-19, comprised around 23 per cent of total receipts during the period from 2014 to 2019; showed
a decline of 16 per cent. The Government provided non-plan budgetary support in the form of loans for which no repayments were made by the SRTC. As the SRTC was running in losses, no dividend was paid to the Government against its investments”, the report states.
The report pointed out that the planning wing of the SRTC had not prepared any perspective plan or long term plan for its revival.
“Shortfall in achievement of targets of operative fleet and revenue collection targets during the period from 2014-15 to 2017-18 ranged between 28 per cent to 33 per cent and 31 per cent and 37 per cent, respectively. The overall shortfall in achievement of target of revenue during the period from 2014-15 to 2017-18 was Rs 165.22 crore”, the report reads as.
Report further exposed that the SRTC could not improve on the availability of vehicles as the overall fleet strength during the period from 2014-15 to 2018-19 decreased by 133 vehicles (14 per cent), despite addition of 142 vehicles during the same period.
“Fleet Operations during the period from 2014-15 to 2018-19 ranged between 51 per cent and 59 per cent and detention of vehicles in workshop ranged between 29 per cent to 44 per cent. Percentage of idle vehicles increased from five per cent in 2014-15 to 19 per cent in 2018-19”, the report reveals.
“Scrutiny of records in sampled units, Depot and Sub-depots revealed that even after allowing the prescribed provision for detention, there was excess detention of vehicles in workshops, which impacted the revenue generation of the Corporation by Rs 135.88 crore, during the period from 2014-15 to 2018-19”, the report reads as.
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