KSRTC tops the list of 58 loss-making PSUs in Kerala
- 58 PSUs in weak financial position
- 50 PSUs make profit
- CAG recommends restructuring of 15 public sector undertakings.
FollowThe Kerala State Road Transport Corporation (KSRTC), continues to be the top loss-making public sector undertaking (PSU), its losses amounts to whopping ₹508.22 crores.
The total loss of the 58 PSUs in the state amounts to ₹889 crores. Though these public sector units paint a weak financial position, 50 of these undertakings did fairly well, earning a profit of ₹498.47 crores.
According to the report of Comptroller and Auditor General (CAG) on state finances, Kerala State Cashew Development Corporation is the second in the list of loss-making firms next to KSRTC with ₹127.95 crores followed by Civil Supplies Corporation (₹89.11 crores). The report also suggested the restructure or shut down 15 PSU's which have stopped functioning.
Loss-making PSU's in Kerala
- Total loss: ₹889 crores
- KSRTC ₹508.22 crore
- Cashew Development Corporation ₹127.95
- Civil Supplies Corporation ₹89.11 crore
Profit making PSU's
- 50 PSUs made a cumulative profit of Rs.₹498.47 crores.
- Kerala State Electricity Board ₹140.42 crore
- Kerala State Beverages Corporation ₹123.54 crore.
The Kerala State Electricity Board (KSEB) fared well among PSUs in the state reporting a profit of ₹140.42 crores, while the Kerala State Beverages Corporation made an annual profit worth ₹123.54 crores.
The report also points to the failure in the implementation of Ecologically Fragile Lands (EFL) Act. The lack of coordination between Revenue and Forest Department led to the failure in the implementation of EFL Act, it said. Even after 15 years of promulgation, the Forest Department does not have the data on ecologically fragile land in the state. It failed to prevent expansion of private forests and to take over mangrove forests.
The state exchequer lost ₹7.41 crore owing to the lack of efficiency of Public Works Department while Water Authority incurred a loss of ₹7.5 crores, the report said.
The CAG report also has some interesting findings. It found that the contractor got funds twice for the construction of Mythrakadavu bridge across Chaliyar river in Malappuram district.
