Bhubaneswar: As many as 52 state public sector undertakings (PSUs) are functioning in the state, of which 11 PSUs incurred a loss of Rs 151.87crore till September 2016, the Comptroller and Auditor General (CAG) of India said in a report on PSUs for the year ended March 2016.
“Out of 52 working PSUs, 33 PSUs earned a profit of Rs 2,074.14crore and 11 PSUs incurred a loss of Rs 151.87crore, as per their latest accounts during October 2015 to September 2016,” the CAG said in a report laid before the Assembly, Saturday.
While one PSU prepared its account on ‘no profit no loss’ basis, seven others have not started their operations. Heavy losses were incurred by Gridco Ltd (Rs 99.53crore), Orissa Rural Housing and development Corporation (Rs 31.71crore) and Industrial Development Corporation of Orissa Ltd (Rs 11.21crore), the CAG said, adding, the losses are attributed to various deficiencies in the functioning of the PSUs.
The major profit-making PSUs are Orissa Mining Corporation (Rs 1487.10crore), Orissa Power Generation Corporation Limited (Rs 178.16crore), Orissa Hydro Power Corporation Limited (Rs 137.97crore) and Orissa State Beverages Corporation Limited (Rs 50.15crore).
The working PSUs registered a turnover of Rs 19,870.03crore till September 2016, the turnover being equal to 5.98 per cent of the state gross domestic product (SGDP).
As on March 31, 2016, the investment (capital and long-term loans) in 80 PSUs was Rs 10,993.08crore. The investment rose by 9.29 per cent from Rs 10,058.34crore in 2011-12. The increase in investment was mainly on the rise in the power and infrastructure sector.
The CAG pointed out that there were 28 non-working PSUs, of which 17 were under liquidation process. The CAG report emphasised on winding up such PSUs and suggested the government to take appropriate action after exercising due diligence to the remaining PSUs.
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