Industrial Corporation’s reeling under huge losses in JK

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By Fast Kashmir on 14/08/2017. No Comments

Industrial Corporation’s reeling under huge losses in JK
Monitoring closely performance of all PSU’s’: Govt

Srinagar, Aug 14: The various profit making industrial corporations here are incurring huge loses and the state government is finding no solution to get rid these corporations’ from finical crises.
Sources told KNS that though the government in past have come to their rescue by issuing certain orders of incentives and packages, these corporations have utterly failed to perform.
Sources believe that the mismanagement by the top officials in these corporations has resulted in declining of commercial business turnover.
Kashmir News Service (KNS) is in possession of the figures which reveal that the corporations have shown heavy losses in their balance sheet.
The J&K Industries Limited (JKI), a State Owned Company incorporated in October, 1963 has shown a loss of 600 crores. “This corporation with huge assets could not utilize for bringing the company out of loses by diversifying to other major activities,” sources maintained.
The J&K Minerals Ltd has also incurred huge loses and has also failed to utilize the resources available with the company. “The minerals deposits at various places in the state have also not been exploited by the said PSU,” sources said.
Whereas the J&K Small Scale Industries Development Corporation as on 31.3.2017, even after having shown a huge business turnover, has rendered cashless and profitless.
Sources said that the company more so has diversified to construction business by leaving the core activity in lurch. “The company beyond its organization charts, promotes various employees illegally and make backdoor appointments,” sources maintained.
Likewise Jammu and Kashmir Cements Ltd (JKCL) has shown a loss of 2 crores as on 31.3.2017 and has drastically dropped in the overall production and sale targets.
The association attribute the downfall to the adhoc appointment of the incumbent Managing Director who is not technically sound.
Similarly the Jammu & Kashmir State Industrial Development Corporation Ltd (J&K SIDCO) is also reeling under huge loses and has failed to industrialize the state which is a prime activity of the said organization. ‘The Incumbent MD who is said to be most junior has been asked to look after the activities of SIDCO and has no experience in the field,” sources maintained.
It is reported that no proposal in hand is with the SIDCO to improve upon the working of the said organization and prove its existence for which it was created.
The handloom and handicraft corporation are also for behind and could not avail the schemes of state and central government for the promotion of handcraft and handloom sector.
Again these corporations are run by the MD’s those who have no experience about the said field. “The handicraft corporation which has its sales outlets across the country could not exploit them for promoting the local products. The corporation has never gone beyond turnover of 10 croes which is a surprising part.,” sources maintained.
However the government said that it is closely monitoring the performance of all PSU’s of the state. “Government is on job to provide all possible facilities to the industrial sector. Industries department is closely monitoring the performance of all PSUs of the state,” one of the top officials of the industries and commerce department on condition of anonymity said. (KNS)

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