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PSUs in Manipur incur losses: CAG report
IMPHAL, JUL 14:
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Published on 14 Jul. 2010 11:20 PM IST
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Public Sector Undertakings (PSUs) supposed to play significant role in the state economy, in Manipur have registered their turnover.
State PSUs, comprising of State government companies and Statutory Corporations have been established to carry out commercial activities. However, only eight companies out of 14 established by the government are functioning.
According to the report of Comptroller and Auditor General (CAG), PSUs incurred an aggregate loss of Rs 0.22 crore during the year 2008-09 as per their latest finalized accounts. The state PSUs registered a turnover of Rs 9.25 crore by September 2009.
The turnover was equal to 0.15 per cent of the State Gross Domestic Product (GDP) for 2008-09 but PSUs incurred an aggregate loss of Rs 0.22 crore as per their latest finalized accounts.
A total of 14 government companies and the investment (capital and long term loans) in these 14 companies was Rs 99.92 crore which recorded decrease trend in investment. As on March 2009, of the total investment in state PSUs, 43.11 percent was in working PSUs and the remaining 56.89 percent in non-working PSUs. The total investment consisted of 80.48 percent towards capital and 19.52 percent in long-term loans, the CAG report ended March 31, 2009 for the state of Manipur, the report stated.
The decrease in the total investment in 2008-09 was mainly due to decrease in loans in finance sector and exclusion of one non-working company and one statutory corporation which have been liquidated.
In 2008-09, out of eight working PSUs, three PSUs earned a combined profit of Rs 1.35 crore and three PSUs incurred combined loss of Rs 0.54 crore. Two working PSUs have not started commercial activities.
The CAG report claimed that deficiencies in financial management, planning, and inefficient running of their operations and lack of proper monitoring led to the loss of PSUs. A review of three latest audit reports of CAG showed that the state PSUs incurred losses to the tune of Rs 2.85 crore and infrastructure investment of Rs 0.19 crore which were controllable with better management.
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