E-Paper
With 14 of 23 Himachal PSUs in the red, cumulative losses mount
Himachal Pradesh's state PSUs face financial challenges, with cumulative losses of ₹5,143.4 crore. Some remain profitable, but urgent interventions are needed for revitalization.
Himachal Pradesh’s state public sector undertakings (PSUs) continue to face financial challenges, with cumulative losses totalling ₹5,143.4 crore as of March 31, 2023.
Of the state’s 23 PSUs, 14 are operating in the red, indicating a significant strain on the state’s economic landscape. The number has remained unchanged from the 2022-23 fiscal year and is marginally up from 2021-22, when it stood at 13.
The Himachal Road Transport Corporation (HRTC) emerged as the hardest hit, with cumulative losses standing at a staggering ₹1,966.13 crore.
It was followed closely by the Himachal Pradesh State Electricity Board with ₹1,823.97 crore in losses. The power corporation and power transmission corporation also faced substantial losses of ₹689.24 crore and ₹372.59 crore, respectively.
Additionally, the Himachal Financial Corporation reported losses amounting to ₹184.83 crore, while the HP Tourism Development Corporation, State Forest Corporation, and Himachal Horticulture Produce Marketing and Processing Corporation (HPMC) incurred losses of ₹126.63 crore, ₹98.21 crore and ₹91.20 crore, respectively.
Despite the gloomy financial picture, some PSUs managed to remain profitable. The Himachal Pradesh Industrial Development Corporation led the pack with a cumulative profit of ₹108.44 crore, followed by the Ex-Servicemen Corporation with ₹82.78 crore.
The General Industries Corporation, State Civil Supplies Corporation, State Electronics Development Corporation, and HP State Cooperative Milk Federation also reported profits amounting to ₹44.37 crore, ₹28.57 crore, ₹18.94 crore, and ₹17.09 crore, respectively.
The significant losses incurred by these PSUs have implications beyond their financial viability, affecting the livelihoods of the 32,028 employees working with the undertakings and warrant urgent need for strategic interventions for revitalisation.htc
