Himachal Pradesh: Task force to revive PSUs in the red
With half of its public sector undertakings (PSUs) reeling under losses, Himachal Pradesh has constituted a task force to oversee their working and cut the operational losses.
Accumulative losses of the 22 state-owned PSUs as of March 2014 are pegged at Rs 2, 819 crore, with 11 of them being heavily in the red.
As per the government's statement in the budget session, the Himachal Pradesh State Electricity Board Limited (HPSEBL) topped the list with accumulative losses of Rs 1,813.23 crore followed by the Himachal Road Transport Corporation (HRTC) with losses of Rs 847.66 crore.
The panel will also look into clearance of PSUs' accounts, human resources issues, major audit para and public accounts committee (PAC) issues and effective utilisation of manpower at overstaffed PSUs.
A total of 41,587 people are employed with Himachal's PSU, with the HPSEBL having the maximum employees at 24,853, followed by the HRTC with 8,777 employees and the Himachal Pradesh Tourism Development Corporation (HPTDC) with 1,687 employees.
The eight-member panel is headed by additional chief secretary (ACS) finance and comprises additional chief secretaries of transport, power, social justice and empowerment, horticulture, industries, besides the managing directors (MDs) or chief executive officers (CEOs) of the PSUs, as the members. Institutional Finance (IF) director will be member secretary of the task force.
Earlier, in 2010, following the recommendations of the 13th finance commission, the government had constituted a task force to design suitable strategy and policy, and to oversee the process of restructuring of state PSUs. Simultaneously, a standing committee was also constituted to implement the decisions of the task force submitted to the government through its regular reports.
Losses of major PSUs
HPSEBL Rs 1,813.23 cr
HRTC Rs 847.66 cr
HP Financial Corporation Rs 143.91 cr
HPMC Rs 70.42 cr
Forest Development Corporation Rs 48.65 cr
HPTDC Rs 23.34 cr
Milk Federation Rs 22.36 cr