Expert group on 8 PSUs revamp

Responding to a calling attention motion by CPM member Basudeb Acharia, the minister said proposals for revival of National Instruments Limited and Cycle Corporation of India Limited were under active consideration of the Government.

However, expressing dissatisfaction with the minister8217;s reply, members belonging to the Left, Samajwadi Party and Rashtriya Janata Dal walked out of the House.

The minister informed the House that the Board of Industrial and Financial Reconstruction BIFR had recommended winding up of Mining and Allied Machinery Corporation, National BicycleCorporation, Cycle Corporation, Bharat Opthalmic Glass, National Instruments, Weighbird India and Tannery and Footwear Corporation.

About Rehabilitation Industries Corporation, he said Disinvestment Commission had recommended discontinuance of operations and announcing a package for employees.

Defending Government decision, the minister said while the annual wage bill of these undertakings in 1997-98 was Rs 73 crore, the turnover was just Rs 27 crore.

The undertakings incurred losses of Rs 148 crore after excluding government interest in the year and their accumulated losses upto March 1997 stood at Rs 2,065 crore, he said.

The Government had provided Rs 708 crore upto March 31 to these enterprises, primarily as non-Plan assistance to enable them meet wage and salary liabilities, the minister said.