Orissa: CAG report on state-run PSUs tabled

BHUBANESWAR: While 20 of state-run public sector undertakings in Orissa registered a profit of Rs 1,231.53 crore during 2008-09, nine such units incurred loss to the tune of Rs 40.37 crore, the Comptroller and Auditor General (CAG) of India report said.

The report which was placed in the state assembly by Finance Minister PC Ghadai observed that the major contributors to profit were Orissa Mining Corporation Limited (Rs 879.26 cr), Orissa Power Generation Corporation Limited (Rs 161.29 cr), Grid Corporation of Orissa (Rs 98.14 cr) and Industrial Promotion and Investment Corporation of Orissa Limited (Rs 24.91 cr).

Heavy losses on the other hand were incurred by Orissa Power Tranmission Corporation Limited (Rs 15.22 cr), Orissa Rural Housing and Development Corporation Limited (Rs 12.40 cr) and Orissa Forest Development Corporation Limited (Rs 5.59 cr).

The report attributed losses to various deficiencies in the functioning of the PSUs.

The PSUs could discharge their role efficiently only if they were financially self-relient, it said adding that there was need for greater professionalism and accountability in functioning of the state run corporations.