The Kashmir Chamber of Commerce and Industry Saturday welcomed State Administrative Council decision to approve reforms aimed at streamlining the functioning of public sector undertakings (PSUs), autonomous bodies and societies.
A spokesperson of the KCCI said that it was a long pending demand of the Kashmir Chamber that the functioning of State-owned PSUs and other Autonomous Bodies be regulated.
“The KCCI is on record to have invited the attention of thegovernment towards the need for unlocking of the major resources in the shapeof assets and personnel by the PSU’s and their proper utilisation,” thespokesperson said.
“The PSUs have instead of providing support to the economyonly managed to create liabilities running in thousands of crores on the StateExchequer and blocked revenue generating assets of equal value.”
The KCCI had also expressed concern at the absence of aclear Tendering and Procurement Policy for the State which could stem majorlosses especially in the Power Sector. Projects have suffered massive costescalations and time delays due to the shortcomings of the present procedure oftendering and procurement.
“While the intent to address issues related to transparency,equity and economy of expenditure are indeed appreciable, at the same time theGovernment needs to exercise utmost caution while dealing with financial bodiesand undertakings. The reforms are long overdue and desperately needed but theexercise should not end up throwing the baby out with the bathwater,” the spokespersonsaid.