Put huge burden on the state exchequer, public sector undertakings (PSUs) operating under the J&K Industries Ministry have become a liability for the Jammu and Kashmir Government, as majority of these state-run corporations are running in the losses.
As per the government figures, except for the SICOP, all these corporations generated less income and incurred more expenditure during the year 2016-17.
This was on Wednesday stated by the government in a reply to cut motion moved by congress MLA from Devsar Muhammad Amin Bhat.
The government figures reveal that JK Cements limited incurred loses worth 31.74 crore in the year 2016-17. The corporation had an expenditure of Rs 115.28 crore against the income of Rs 83.55 crore during the financial year.
Also, the government faced loses of 13.56 crore in the year 2016-17 in J&K Handloom Development Corporation as it had an expenditure worth Rs 29.91 crore against Rs 16.35 crore revenue generated in the year.
“SIDCO faced loses worth Rs 11.71 crore in 2016-17. The corporation had an expenditure of Rs 31.13 crore while it generated revenue of only Rs 26.68 crore,” the government in reply to cut motion informed the House.
The government has further revealed that the J&K Handicrafts Corporation faced loses worth Rs 11.71 crore as the corporation had more expenditure than the revenue generated in the year 2016-17.
As per the figures, the corporation had an expenditure of Rs18.55 crore against the income of Rs 6.85 crore in the financial year 2016-17.
Similarly, the JK Industries faced loses worth Rs 7.06 crore during the year 2016-17. “The corporation generated revenue of Rs14.30 crore but had an expenditure of Rs 21.35 crore in the year,” the government figures revealed.
JK Minerals, as per the government figures, has also faced loses worth Rs 57.9 lakh during the year 2016-17. The corporation had an expenditure of Rs 12.87 crore against the income of Rs 12.29 crore generated in the year.
However, SICOP is the lone corporation which has generated a profit of Rs 2.91 crore during the year 2016-17.
The income of the corporation was Rs 27.57 crore with an expenditure of Rs 24.66 crore during the financial year 2016-17.
Congress MLA castigated the coalition government for its failure to revamp these corporations in the state saying that it could have served a purpose of employment generation for thousands of educated unemployed youth.