SRINAGAR: The Jammu and Kashmir Traffic Police collects more money for the state government than Public Sector Undertakings (PSUs). According to an official document, the traffic police in Srinagar city alone has collected since 2011 more than Rs 5 crore from parking violators, out of which more than Rs 1 crore have been paid to owners of cranes that lift wrongly parked vehicles. The rest Rs 4 crore have been deposited in the government treasury.
The finances of the PSUs, in contrast, make for sorry reading. The J&K Minerals Limited, the J&K Cements Ltd, the J&K Handicrafts (S&E) Corporation, the J&K Industries Limited, the J&K Handloom Development Corporation have all been making recurring losses. These PSUs were and remain a big liability on the state exchequer.
According to one of the reports of the Comptroller and Auditor General of India, the state’s PSUs owe a whopping Rs 1,450.46 crore to the state. Among them, the near-defunct J&K Minerals has a liability of Rs 74.86 crore, followed by the J&K Industries Ltd with a liability of Rs 66.62 crore. The J&K State Handloom Development Corporation has a liability of Rs 36.56 crore, the J&K Handicrafts (Sales & Export) Corporation a liability of Rs 25.56 crore, and the J&K State Women’s Development Corporation owes Rs 22.19 crore.
The red balance-sheet of these PSUs includes equity of Rs 55.22 crore, loans and grants worth Rs 1,387.28 crore, and subsidies worth Rs 7.96 crore.
Statutory corporations of the state are not doing well, too. The J&K Power Development Corporation tops the list with a cumulative borrowing of Rs 816.03 crore, followed by the J&K State Road Transport Corporation (SRTC) and J&K State Industrial Development Corporation Ltd, which owe the state government Rs 129.70 crore and Rs 100.44 crore, respectively.
A few PSUs — J&K State Cable Car Corporation and the J&K State Forest Corporation — have been showing profits and are free of liabilities. Former finance minister Haseeb Drabu had asked PSUs to move away from the government as much as possible to become profitable ventures.