Fourteen working public sector units (PSUs) in Bihar are in bad shape and have incurred an aggregate loss of Rs 1,187.37 crore, according to a Comptroller and Auditor General of India (CAG) report for the year ended March 31, 2010.
MUST READ:Bihar revamps industrial policy
The report was tabled in the state assembly by Deputy Chief Minister S K Modi, who also holds additional portfolio of finance, on Wednesday.
The CAG report pointed out that the state had 65 PSUs as on March 31, 2010, including 61 companies and four statutory corporations as against 63 PSUs comprising 59 companies and four statutory corporations on March 31, 2009.
Of the 61 companies, only 21 were working while 40 were non-operational. The four statutory corporations were working.
RBI study finds Bihar the best performing state
The report revealed that the total investment in the working PSUs was Rs 8,890.07 crore as on March 31, 2010, and the total investment in non-working PSUs was Rs 731.95 crore as on March 31, 2010.
The budgetary support in the form of capital, loans and grants/subsidies disbursed to the working PSUs was Rs 1,670.15 crore in 2009-10, the report said.
The CAG said none of the working government companies and statutory corporations finalised their accounts for the year 2009-10 within the stipulated period and the accounts of 21 working companies and four working Statutory corporations were in arrears for period ranging from one to 21 years as on September 2010.
According to the latest finalised accounts, eight working PSUs earned an aggregate profit of Rs 12.78 crore and 14 working PSUs - 12 government companies and 2 statutory corporations incurred an aggregate loss of Rs 1,187.37 crore according to their latest finalised accounts.
A review of three years Auditor Reports of CAG shows that the state's working PSUs incurred losses of Rs 164.49 crore and infructuous investments of Rs 64.21 crore which were controllable with better management.