In the financial year 2010-11, public sector undertakings (PSUs) in Punjab caused a whopping loss of Rs 1,498 crore to the state exchequer. This was revealed in a report by comptroller and auditor general released on Wednesday.
Out of total 31 PSUs in the state, the accounts of which were audited, 14 earned profit of only Rs 58.3 crore and 11 incurred a huge loss of Rs 1,556.37 crore.
A loss of Rs 1,301.52 crore was incurred by Punjab State Power Corporation Limited, Rs 137.21 crore by Punjab state Grains Procurement Corporation Limited and Rs 84.58 crore by Punjab State Warehousing Corporation.
Out of 14 PSUs that registered profit includes Punjab Small Industries And Exports Corporation (Rs. 15.94 crore), Punjab Genco Limited (Rs 13.35 crore) and Punjab State Containers And Warehousing Corporation Limited (Rs 11.40 crore).
While three PSUs in Punjab prepared their accounts on no-profit and no-loss basis, two PSUs have started commercial activities and one PSU has not prepared its account.
According to Punjab accountant general Amandeep Chatha, the losses of working PSUs were mainly attributed to deficiencies in financial management, planning, implementation of projects, running their operations and monitoring.
Chatha added that a review of three years audit reports from 2008-09 to 2010-11 of CAG showed that the state PSUs witnessed losses of Rs 4,650.77 crore and infructuous investment of Rs 8.25 crore could have been controlled with better management. "Thus, there is a tremendous scope to improve the functioning and minimise losses," she pointed.