LUCKNOW Many public sector undertakings (PSUs) in Uttar Pradesh look like a drain on the state’s exchequer with energy sector firms main the listing of loss-making items whereas the web price of 10 PSUs has utterly eroded as a result of gathered losses through the years.
“The state government may review the performance of loss-making PSUs and invest in them cautiously and take measures to improve their performance,” noticed the CAG in its report (Pic for illustration)
Taking sturdy exception to the heavy losses being incurred by 21 of 37 PSUs (interval of examine ending March 31, 2022), the comptroller and auditor common (CAG) has steered that the state authorities might overview the efficiency of all these firms.
“The state government may review the performance of loss-making PSUs and invest in them cautiously and take measures to improve their performance,” noticed the CAG in its report on the monetary efficiency of state PSUs tabled within the state legislative meeting right here on Thursday.
Out of 37 PSUs (studied by the CAG), 21 incurred losses of ₹15,856.93 crore whereas the remaining 16 earned a revenue of ₹378.18 crore. The state authorities’s main loss-making PSUs are the businesses of the ability sector with the UP Energy Company Restricted incurring heavy losses. As on March 31, 2022, the UPPCL’s losses have been ₹8305.27 crore, Dakshinanchal Vidyut Vitaran Nigam Restricted ₹2957.52 crore and Madhyanchal Vidyut Vitaran Nigam Restricted ₹2042.20 crore.
“The power sector company- mainly the UPPCL – is contributing to heavy losses, and the state government is aware of the issue,” stated chief secretary Manoj Kumar Singh.
The state authorities’s prime profit-making PSUs (as on March 31, 2022) embrace UP State Highway Transport Company ( ₹142 crore) and UP Awas Evam Vikas Parishad ( ₹105.16 crore).
UP has almost 114 PSUs – 72 are useful whereas 42 are non-functional. The CAG studied the efficiency of 37 PSUs that didn’t have their accounts in arrears.
The overall funding (fairness and long-term loans) was ₹2,80,732.97 crore in these PSUs underneath examine. The funding included 58.51% in the direction of fairness and 41.49% in long-term loans.
The state authorities has an funding of ₹1,55,400.63 crore in these PSUs and this consists of fairness of ₹1,52,384.09 crore and long-term loans of ₹3016.54 crore.
The online price of the state authorities’s 10 PSUs was (-) ₹62,779.27 crore towards an fairness funding of ₹1,37,041.97 crore.
Out of those 37 PSUs, 17 earned revenue throughout 2019-2020 and 2020-2021. The variety of profit-making PSUs, nonetheless, decreased to 16 in 2021-2022. The profit-making PSUs earned a revenue of ₹784.29 crore, ₹17,757.50 crore and ₹378.18 crore in 2019-2020, 2020-2021 and 2021-2022, respectively. The CAG has famous that the revenue in 2020-2021 elevated terribly attributable to write again of provision of dangerous money owed amounting to ₹17381.56 crore by UPPCL.
The CAG has additionally steered that the respective PSUs ought to, in a time-bound method, reconcile the figures of fairness, loans and ensures excellent as per information of the PSUs and as per the finance accounts of presidency of Uttar Pradesh.