24 of the 44 public sector undertakings (PSUs) in Jammu and Kashmir are making losses and four are non-functional, the government informed the Assembly on Tuesday. The government said it is examining ways to strengthen the sick PSUs and improve their operational and financial performance.
In a written reply to a question by MLA Javaid Riyaz, Deputy Chief Minister Surinder Kumar Choudhary said the Union Territory has 10 profit-making PSUs, 24 loss-making PSUs, four non-functional PSUs, two statutory corporations, and one dormant PSU.
He identified the profit-making PSUs as J&K Bank, J&K State Power Development Corporation Limited, J&K Medical Supplies Corporation Limited, J&K Cable Car Corporation Limited, J&K Women’s Development Corporation, J&K Bank Financial Services (a subsidiary of J&K Bank), J&K Police Housing Corporation, Chenab Valley Power Projects Limited (a central PSU joint venture with JKSPDC), Ratle Hydroelectric Project Corporation Limited (a central PSU joint venture with JKSPDC), and J&K Development Finance Corporation Limited (a central PSU with UT government equity).
According to the reply, the loss-making PSUs include J&K Industries Limited; J&K SC, ST and BC Development Corporation; J&K Trade Promotion Organisation; J&K Horticultural Produce Marketing and Processing Corporation; J&K Power Corporation Limited (Trading); Kashmir Power Distribution Corporation Limited; J&K Handicrafts Sales and Export Corporation; J&K State Power Transmission Company Limited; Srinagar Mass Rapid Transit Corporation, and J&K Agro Industries Development Corporation Limited.
The other loss-makers include J&K Forest Development Corporation Limited; J&K EDI Foundation; J&K State Handloom Development Corporation Limited; Jammu Power Distribution Corporation Limited; J&K SIDCO Limited; Jammu Mass Rapid Transit Corporation; J&K Tourism Development Corporation; J&K Small Scale Industries Development Corporation Limited; J&K Cements Limited; J-K Projects Construction Corporation Limited; J&K Infrastructure Development Finance Corporation Limited; Jammu Smart City Limited; Srinagar Smart City Limited and J-K Minerals Limited.
The two statutory corporations — J&K and Ladakh Finance Corporation and J&K State Road Transport Corporation — are also running in losses.
Among the non-functional PSUs, Choudhary said, are Overseas Employment Corporation; J&K Road Development Corporation, J&K Handloom and Handicrafts RMSO Limited, Tawi Scooters Limited, Himalayan Wool Combers Limited, J&K IT Infrastructure Private Limited, and J&K International Trade Centre. The dormant PSU is J&K Asset Reconstruction Limited.
“Strengthening and revival of sick or loss-making PSUs, including measures related to infrastructure and manpower, are being examined by the respective administrative departments to improve their operational and financial performance,” the deputy chief minister said.