22 Assam PSUs incurred Rs 654 cr loss in 2011-12

Twenty two, out of 41 public sector undertakings (PSUs) of Assam,incurred loss to the tune of Rs. 654.25 crore in the financial year of 2011-12, as per the latest accounts finalised by the Comptroller and Auditor General (CAG) of India.

Addressing a press conference, CH Kharshiing, accountant general (audit) said: "The losses are attributable to various deficiencies in the functioning of PSUs. A review of three year's audit reports of CAG shows that the state PSU's losses of Rs . 1,831.01 crore and infructuous investments of Rs . 3.21 crore were controllable with better management."

The major contributors of profit were Assam Gas Company Limited, which registered a profit of 49.77 crore, followed by Assam State Minor Irrigation Development Corporation Limited, which registered a profit of 14.32 crore.

Heavy losses were incurred by Assam Power Distribution Company Limited (Rs . 14.32 crore), Assam Electricity Grid Corporation Limited (Rs . 54.12 crore), Assam Power Generation Corporation Limited (Rs . 49.64 crore) and Assam State Transport Corporation (Rs . 24.34 crore).

As on March 31, 2012, Assam had 41 working PSUs (37 companies and 4 statutory corporations) and 10 non-working PSUs, which employed 36,069 employees. As on March 2012, the investment (capital and long term loans) in 51 PSUs was Rs . 3,312.69 crore. It increased by 14.65 per cent from Rs . 2,889.28 crore in 2007-08.

The CAG report found that the power sector alone accounted for 51.70 per cent of total investment in 2011-12. The government contributed Rs . 927.07 crore towards loans and grants and subsidies to 14 PSUs during 2011-12.The state working PSUs registered a turnover of Rs . 2,879.21 crore for 2011-12 as per their latest finalised accounts as of September 2012.

The turnover was equal to 2.49 per cent of state GDP indicating an important role played by state PSUs in the economy. The state working PSUs incurred an aggregate loss of Rs . 575.68 crore for 2011-12 as per the latest finalised accounts.