Jammu: The Jammu and Kashmir chapter of CPI(M)on Wednesday demanded the constitution of a committee to review the functioning of PSUs and recommend measures for
making them profitable.
"We demand constitution of a High Power Committee (HPC) to review the functioning of PSUs and recommend measures for making them vibrant and profit earning in Jammu and Kashmir," CPI(M) state secretary and MLA Mohammad Yusuf Tarigami said here.
He said that the functioning of the PSUs has been the worst in the state as evident from the report of Comptroller and Auditor General (CAG).
Referring to the report, he said that almost all such
units were running in losses worth hundreds of crores.
This has a direct impact on the state`s economy and the
personnel working in these units.
The report shows the defective and undisciplined
financial management in these sectors, he claimed.
According to the CAG report, heavy losses were incurred
in Jammu and Kashmir State Road Transport Corporation (Rs
54.67 crore), Jammu and Kashmir Power Development Corporation
(Rs 39.05 crore) and Jammu and Kashmir Industries Ltd (Rs
This situation has been prevailing in these undertakings
for decades together and no action has been taken by the
successive governments to restore accountability and improve
financial management, Tarigami said.
He questioned the working of these undertakings and said
that despite having huge potential for generating revenue and
providing employment, these have been brought to the verge of
extinction and their survival is at risk.
Holding the management responsible for the mess created
in these undertakings, he urged the government to be serious
about the revival of the sick PSUs and formulate a time-bound
policy for bringing them out of the mess and making them