*SRTC, Industries Ltd, JKPCC top the list
Mohinder Verma
JAMMU, Dec 21: Notwith-standing tall claims about infusing new lease of life in the defunct Public Sector Undertakings (PSUs), majority of such bodies in Jammu and Kashmir continued to be a big drain on exchequer as no step has ever been initiated to make optimum use of huge manpower deployed in these PSUs. Rather the officers and officials are allowed to enjoy their perks and salaries without contributing towards bringing these PSUs out of the red.
This can be gauged from the losses being incurred by these PSUs and officially reflected in the tax returns ever year. The prevailing situation clearly indicates that Government doesn’t want to plug the drain on exchequer either by making these PSUs profitable ones or closing them once for all.
According to the official data available with EXCELSIOR, Jammu and Kashmir State Road Transport Corporation Limited is the major loss making Public Sector Undertaking of the State followed by Jammu and Kashmir Industries Limited and J&K Horticulture Products Marketing and Processing Limited.
J&K SRTC has declared loss to the tune of Rs 25 crore for the Assessment Year 2013-14 while as J&K Industries Limited reported loss of Rs 19.96 crore during this year. “Such a whopping loss clearly indicates that all those deployed in these PSUs are not contributing their bit for improving the financial health of these bodies and are only bothered about their salaries”, sources regretted.
Jammu and Kashmir Horticulture Products Marketing and Processing Limited has reported loss of Rs 8.39 crore during 2013-14 Assessment Year while as J&K Project Constr-uction Corporation Limited, which is carrying out several infrastructure developmental projects, declared loss of Rs 2.58 crore during 2013-14 financial year.
Similarly, J&K Cements Limited reported loss of Rs 2.43 crore and J&K State Industries Development Corporation Rs 1.70 crore. The PSUs which declared loss in lakhs are Jammu and Kashmir State Overseas Employment Corporation (Rs 83.73 lakh), J&K State Agro Industries Development Corporation (Rs 30.65 lakh) and Jammu and Kashmir Tourism Development Corporation Limited (Rs 27.17 lakh).
“This is not for the first time that huge losses were declared by the Public Sector Undertakings of the State”, sources said, adding “this phenomenon is going on during the past several years with no improvement in the financial health”.
Questioning the justification behind allowing big drain on exchequer through these loss making PSUs, sources said, “on one side the State Government is claiming to have meager resources to fund the developmental projects and always look at the Union Government for financial assistance and on the other side it is acting as mute spectator to continuous losses being suffered by the PSUs”.
“Moreover, what is the rationale behind paying huge salaries to the manpower employed in these PSUs when they have failed to play their role in improving the financial health of their respective organizations”, sources said, adding “above all, what role the top brass of these PSUs are playing towards curtailing the losses remains a million dollar question”.
Pointing towards oft repeated statements of the Ministers about making these PSUs profitable ventures by initiating many steps, sources said, “it seems that these loss making organizations receive attention only when Comptroller and Auditor General (CAG) exposes these white elephants but thereafter no seriousness is shown to the issue”, adding “even during the last Budget Session, the present dispensation had talked very high about making these PSUs profitable ones by initiating series of measures but not even one step has been taken till date”.
Referring to the recommendations of the CAG, sources said, “it is shocking that Government does not want to act on the suggestions of highest audit body of the country and prefers to allow loss to the exchequer”, adding “it is really a matter of serious concern that whosoever is posted as head of these PSUs is not asked about steps initiated towards curtailing losses. It seems that these PSUs are meant for adjustment of only some choicest officers without making them accountable”.
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