Bhubaneswar: A recent report by the Comptroller and Auditor General of India (CAG) on Economic Sector and Public Sector Undertakings for 2017-18 released Tuesday talked about a number of delayed and wrong decisions by state PSUs, leading to big losses to the exchequer.
The report claimed that out of 82 State Public Sector Undertakings (PSUs), 56 were operative comprising eight in power sector and 48 in non-power sector. The CAG report said the working PSUs registered a turnover of Rs 25,124 crore during 2017-18.
The report said total losses incurred by the eight power sector PSUs stood at Rs 75.81 crore during this period. While five PSUs earned profit of Rs124.75 crore, two incurred losses Rs 200.56 crore. GRIDCO alone incurred a loss of Rs 197.5 crore while the Odisha Coal and Power Limited saw Rs 3.06 crore loss.
“Failure by GRIDCO to enforce supply of infirm power from Jindal India Thermal Power Limited (JITPL) as per agreed terms resulted in loss of revenue worth Rs 56.73 crore as the said infirm power was sold by JITPL outside the state,” the CAG report said. It added that delay in re-phasing banks loans to marginal cost of funds-based lending rate also added an avoidable loss of Rs 16.76 crore.
About the non-power sector PSUs, the CAG said out of 48 working PSUs, 31 earned profit of Rs 237.92 crore and 11 incurred a loss of Rs 518.51 crore during the period.
“The loss-making PSUs included Odisha Mining Corporation Ltd (Rs 463.48 crore), Odisha Rural Housing and Development Corporation Ltd (Rs 42.93 crore) and Bhubaneswar Smart City Ltd (Rs 9.06 crore),” the report said.
Talking about the Odisha State Seeds Corporation Limited, the auditor report said it failed to fix its production target as per the Centre’s Seed Rolling Plan. It was also accused of shortfall in production and distribution of certified seeds.
“As OSSC could not produce seeds within the state at lower cost, it procured 1.43 lakh quintals of seeds from outside agencies during 2013-18 with higher cost resulting in avoidable expenditure of Rs13.03 crore,” the report said.
On the issue of economic sector, the CAG report hinted how the water resources department lost Rs 33.22 crore due to execution of Gohira Irrigation Project without ensuring availability of water for the project.