The grim financial condition of Jammu & Kashmir Minerals Limited is not a sudden catastrophe but the result of decades-long neglect, policy missteps, and managerial inertia. Established with the noble vision of tapping into the region’s rich mineral wealth-including coal, gypsum, limestone, and world-class sapphire-JKML today finds itself ensnared in a financial and operational quagmire. The story of its downfall mirrors the fate of many public sector undertakings in J&K: high on ambition, low on execution. Despite holding valuable mining leases and access to untapped resources, JKML has failed to convert these assets into sustainable revenue. The sapphire mines of Paddar, once considered among the finest in the world, lie dormant, representing both lost opportunity and administrative apathy. Even more concerning is the operational inertia-revival schemes have been floated periodically, but none have moved beyond bureaucratic formalities. The much-publicised e-auction of coal stocks at Kalakote, meant to clear employee dues, remains an unfinished exercise.
At the core of this failure lies a lack of strategic vision and political will. The financial statistics speak volumes. With Rs 4.5 crore pending in gratuity, Rs 56.77 crore in provident fund contributions, and Rs 26.2 crore in penalties from the Coal Mines Provident Fund Organisation, JKML is buried under a mountain of liabilities. Add to that Rs 26 crore in unpaid 6th Pay Commission arrears and Rs 40 crore in electricity dues, and the scale of the crisis becomes unmistakably clear. Employees are the worst victims of this collapse. Many have spent years serving the organisation only to face delayed salaries, denied increments, and withheld post-retirement benefits. While they follow orders from above, it is they who now suffer silently under the weight of financial uncertainty and systemic failure. The Government, meanwhile, continues to dither-waiver requests are unanswered, revival proposals are half-hearted, and serious reform measures are conspicuously absent.
It is now imperative that the administration moves beyond tokenism. Either a serious revival strategy involving capital investment and professional management is adopted, or the Government should consider alternate models like Public-Private Partnerships to operationalise mines. If even that proves unfeasible, then an outright sale of JKML may be the only path forward. Continuing to run the Corporation in its current form not only deepens financial losses but also prolongs employee suffering.
JKML doesn’t need another review meeting or another shelf-bound policy paper. What it needs is decisive, courageous action. The resources are there, and the potential is immense-but time is running out. With every passing day, the liabilities grow, the workers suffer more, and the public confidence erodes further. The never-ending process must end now with logical plans. Closure or outright selling should be the last resort. The Government must break this cycle of inaction and bring clarity and commitment to the table. Anything less would be a betrayal not only of JKML’s original vision but also of the livelihood of employees, which now hangs in the balance.
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