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One fourth of PSUs in 2005-06 were loss making
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One fourth of PSUs in 2005-06 were loss making

Over one-fourth of the total 225 Central Public Sector Enterprises (CPSEs) were loss making in 2005-06.

New Delhi, May 15 : Over one-fourth of the total 225 Central Public Sector Enterprises (CPSEs) were loss making in 2005-06.

During 2005-06, out of a total 225 CPSEs, 157 were profit making and 58 were loss making, Heavy Industries and Public Enterprises Minster Sontosh Mohan Dev told Rajya Sabha on Tuesday.

However, no information was available on 10 PSEs, he said.

Reasons for losses were manifold and enterprise specific.

Some common problems faced by the sick and loss making CPSEs include obsolete plant and machinery, outdated technology, resource crunch, low capacity utilisation, interest burden, stiff competition, weak marketing and surplus manpower, Dev said in a written reply.

The National Common Minimum Programme inter alia stipulates that while every effort will be made to modernise and restructure sick public sector companies and revive sick industries, chronically loss making companies will either be sold-off, or closed, after all workers have got their legitimate dues and compensation.

The private industry will be inducted to turnaround companies that have potential for revival.

A Board for Reconstruction of Public Sector Enterprises (BRPSE) was set up in December, 2004 to examine inter alia the cases of sick CPSEs referred to it by the concerned administrative Ministries or Departments.

The Board made recommendations on 41 CPSEs for their revival and two for closure till March 31, 2007, Dev said.

ANI

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