Himachal state public sector investments erode, losses mount

Shimla: Himachal’s investment of Rs 2022.5 Cr in 22 state public sector undertakings (SPSU), stands all eroded as the cumulative losses of these state enterprises had crossed Rs 2188 Cr by end of March. 2012.

Despite 11 SPSU having reported profits in 2011-12 the overall losses in the sector for the year were 602.77 crore.

In all there were 42,386 people employed in these state enterprises, with the largest number of 25,208 employed in HP State Electricity Board, followed by 8492 employed in Himachal Transport Corp.

The public sector undertakings that reported a profit in the year included HP Housing and Urban Development Authority Rs 5.62 lakhs, HP Ex-servicemen Corp Rs 2.87 Cr, HPSIDC Rs 7.03 Cr, HP GIC Rs 43.59 lakhs, HP State Civil Supplies Rs 3.90 Cr, HP Handlooms Rs 68 lakhs, HP Tourism Development Corp Rs 1.85 Cr, HP State Electronic Corp Rs 29.63 lakh, HP Mahila Vikas Nigam Rs 21.24 Cr, HP Khadi Board Rs 6.61 lakh and HP Backward Classes Development Corp Rs 76.49 lakhs.

HP State Electricity Board which had Rs 510.96 Cr losses in 2010-11 reported Rs 512.52 Cr losses in 2011-12, to be the SPSU with the highest accumulated losses at Rs 1406.68 Cr losses. The government has made an investment of Rs 396.54 Cr in the board.

Himachal Roadways operated by Himachal Road Transport Corp was carrying accumulate losses of Rs 653.44 Cr on its books. In 2011-12 the roadways incurred a loss of Rs 80.65 Cr to run the public transport system, in which the state has an investment of 439 Cr.

Others SPSUs with large debt on their books include HP Finance Corp Rs 119 Cr, HPMC – a fruit processing company, has Rs 70 Cr accumulated debt, HP Milkfed Rs 21.45 Cr, HP Tourism Development Corp Rs 16.78 Cr, HP Handicraft Corp Rs 20.38 Cr, HP State Forest Corp Rs 35.82 Cr, HP Agro Industries Rs 19.69 Cr, HP General Industries Corp Rs 3.47 Cr, HP SC & ST Development Corp Rs 4.92 Cr and HP Minorities Finance Development Corp has Rs 3.76 accumulate debt on its books.

The corporations which were debt free included HIMUDA, HP Ex-servicemen Corp, HPSIDC, HP State Civil Supplies, HP State Electronic Corp, HP Mahila Vikas Nigam, HP Khadi Board and HP Backward Classes Development Corp.

As Editor, Ravinder Makhaik leads a team of media professionals at Hill Post. Spanning a career of over two decades in mass communication, as a Documentary Filmmaker, TV journalist, Print Media journalist and with Online & Social Media, he brings with him a vast experience. He lives in Shimla.

Leave a comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.