SRINAGAR: Jammu and Kashmir’s public sector landscape is under financial strain, with 24 of the 44 public sector undertakings in the Union Territory running in losses and four categorised as non-functional, the government informed the Legislative Assembly on Tuesday.
In a written reply to legislator Javaid Riyaz, Deputy Chief Minister Surinder Kumar Choudhary said the Union Territory currently has 10 profit-making PSUs, 24 loss-making entities, four non-functional undertakings, two statutory corporations and one dormant PSU.
Among the profit-making entities are Jammu and Kashmir Bank, Jammu and Kashmir State Power Development Corporation Limited, Jammu and Kashmir Medical Supplies Corporation Limited, Jammu and Kashmir Cable Car Corporation Limited and Jammu and Kashmir Women’s Development Corporation. Also reporting profits are Jammu and Kashmir Bank Financial Services Limited, Jammu and Kashmir Police Housing Corporation and three joint ventures with central participation — Chenab Valley Power Projects Limited, Ratle Hydroelectric Project Corporation Limited and Jammu and Kashmir Development Finance Corporation Limited.
The list of loss-making PSUs spans multiple sectors, including power, infrastructure, tourism, industry and urban development. Those in the red include Jammu and Kashmir Industries Limited, Jammu and Kashmir Trade Promotion Organisation, Jammu and Kashmir Horticultural Produce Marketing and Processing Corporation and Jammu and Kashmir Power Corporation Limited.
Power distribution utilities — Kashmir Power Distribution Corporation Limited and Jammu Power Distribution Corporation Limited — are also incurring losses, along with Jammu and Kashmir State Power Transmission Company Limited.
Urban transport and infrastructure projects are similarly affected, with Srinagar Mass Rapid Transit Corporation, Jammu Mass Rapid Transit Corporation, Jammu Smart City Limited and Srinagar Smart City Limited among the loss-makers.
Other entities reporting losses include Jammu and Kashmir Tourism Development Corporation, Jammu and Kashmir Small Scale Industries Development Corporation Limited, Jammu and Kashmir SIDCO Limited, Jammu and Kashmir Cements Limited and Jammu and Kashmir Minerals Limited, among others.
The two statutory corporations — Jammu and Kashmir and Ladakh Finance Corporation and Jammu and Kashmir State Road Transport Corporation — are also operating at a loss.
The deputy chief minister further informed the House that four PSUs are non-functional, while one, Jammu and Kashmir Asset Reconstruction Limited, has been classified as dormant.
“Strengthening and revival of sick or loss-making PSUs, including measures related to infrastructure and manpower, are being examined by the respective administrative departments to improve their operational and financial performance,” Choudhary said in his reply.
The disclosure offers a comprehensive snapshot of the fiscal health of public enterprises in the Union Territory and underscores the scale of restructuring required to restore viability across key sectors.
