CPI(M) demands setting up committee for revival of PSU in J-K

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 indisciplined 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 36.23 crore).

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 profitable.