LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

18 PSUs remain in 'red' despite govt's effort to revive them

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Thu, Mar 22, 2018
11:53 pm
PTI
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Even as the Mehbooba Mufti government made efforts to bring 18 public sector undertakings (PSUs) in Jammu and Kashmir back on track, these firms continue to remain in 'red', with losses suffered by them to the tune of over Rs 191 crore over the last two years.

As per official figures, recently revealed by the Jammu and Kashmir government in the State Assembly last month, J&K Cements limited is leading the table of such PSUs with a loss of Rs 46.74 crore Rs 31.73 crore in 2016-17 and Rs 15.01 crore in 2017-18.

However, two PSUs JK Minerals limited and JK Projects Construction Corporation joined six other profit making PSUs in 2017-18 after registering losses in the previous financial year. The JK State Financial Corporation, on the other hand, slipped into the loss of 1.02 crore in 2016-17 against a profit of Rs 45.73 lakhs in 2015-16, becoming the 10th loss making PSU in the state, the figures, collected by Finance department, said.

Many of the PSUs are running in losses for a very long time and the state government had to intervene with financial support to ensure regular salaries to the agitated employees.

The previous government, in 2011, even introduced a golden handshake scheme as part of efforts to revive the sick PSUs, which are under the administrative control of various departments.

Other major PSUs suffering losses include JK State Road Transport Corporation (SRTC). While it had suffered a loss of Rs 13.73 crore in 2015-16, the loss shot up to 31.44 crores in 2016-17.

Several of loss-making PSUs showed a remarkable progress like JK Handloom Corporation, which restricted its loss to Rs 3.21 crore in 2017-18 against Rs 13.56 crore in the previous year.

State Industrial Development Corporation (SIDCO) brought down the loss to almost half from Rs 4.45 crore in 2016-17 to Rs 2.74 crore 2017-18, while JK Handicrafts Corporation recorded a loss of Rs 8.95 crore in 2017-18 against Rs 10.07 crore the previous year.

Horticultural Produce Marketing and Processing Corporation (HPMC) showed a slight improvement from a loss of Rs 6.59 crore in 2015-16 to Rs 6.25 crore in 2016-17.

Likewise, Scheduled Caste, Schedule Tribe, Backward class development corporation's loss stood at Rs 11.36 crore in 2016-17 compared to Rs 11.79 crore in 2015-16. However, JK Industries limited failed to restrict the losses, which was Rs 7.06 crore in 2016-17 and that increased to Rs 10.50 crore in the current financial year.

JK Agro Industries also incurred a loss of Rs 1.22 crore in 2016-17 as against Rs 49.35 lakhs in 2015-16.

During the last two years, as a part of the institutional reforms, an official of the finance department said the process of financial engineering in PSUs has been successfully initiated."The process to clean up the balance sheets and improve bottom lines of the PSUs, prior to bringing them under a new holding company structure, is under way, he said.

The official said all the loans given by the government to the PSUs have been converted into equity.

In March last year, the government appointed 16 top party functionaries of the ruling coalition comprising PDP and BJP as vice chairpersons of 16 PSUs, drawing criticism from the opposition parties which termed the move as a burden on the already sick units in the state.

Jammu and Kashmir Power Development Department is leading the table of profitable PSUs, with a profit of Rs 463.99 crore Rs 216.23 crore in 2015-16 and 257.76 in 2016-17.

JK Police housing Corporation, JK Cable car Corporation and JK Small Scale Industries Development Corporation (JKSICOP) also registered a profit of Rs 28.30 crore (2015-16 and 2016-17), Rs 23.99 crore (2015-16 and 2016-17) and Rs 10.06 crore (2016-17 and 2017-18), respectively.

Against a profit of Rs 7.20 crore in 2015-16, the JK Womens development Corporation profit fell to 87 lakhs in 2016-17.

In November last year, the then finance minister Haseeb Drabu had pitched for immediate restructuring the PSUs to make them better organised as per the present requirements.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

7th Pay Commission: Central Government Employees' Dearness Allowance (DA) to become 25 pct from April 2021?

Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty support range, says investors should trade keeping volatility in mind

Gold Price Outlook: Yellow metal falls by over Rs 11,500 in last six months; may crash much more

NEET 2021 exam: Check here the latest update on dates and all you need to know for registration before appearing in the test

Gold Price Outlook – Gold, Silver prices may see further fall next week; expert tells what to do to maximise gains

EPF Passbook Balance Check Online: EPFO members can do this via Umang App, SMS, missed call; choose whatever you want

7th Pay Commission Latest News: Central government employees' alert! one mistake could cost you your LTC claim—check report

PPF Calculator: You can double Public Provident Fund income and save income tax outgo - you will need this help

ITC Share Price: Experts give 'share to buy' tag; predicts up to 25% profit in three months

Ethanol from sugar will lower dependency on Crude import, create jobs and improve earnings of farmers

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved