JAMMU — As many as 24 of the 44 public sector undertakings (PSUs) in Jammu and Kashmir are running at losses, while four are non-functional, the Union Territory government informed the Assembly on Tuesday.
The government said it is examining ways to strengthen sick PSUs and improve their operational and financial performance.
In a written reply to a question by legislator Javaid Riyaz, Deputy Chief Minister Surinder Kumar Choudhary said the UT currently has 10 profit-making PSUs, 24 loss-making PSUs, four non-functional PSUs, two statutory corporations and one dormant PSU.
He said the profit-making PSUs include 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, major 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, J&K Tourism Development Corporation, J&K Cements Limited, Jammu Smart City Limited, Srinagar Smart City Limited, 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, J&K Small Scale Industries Development Corporation Limited, J&K Projects Construction Corporation Limited, J&K Infrastructure Development Finance Corporation 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 operating in losses.
Among the non-functional PSUs 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 International Trade Centre, J&K, while J&K Asset Reconstruction Limited remains dormant.
“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. — (PTI)