Tuesday, 23 January 2018

TN Government losing 40 Crore a Day !!Govt has mortgaged buses & Land in bank !!!Shocking Report!!!!

Tamil nadu state Government is losing 40 Crore a day because of inefficient Administration has been reviewed and reported recently.

 The state government's (PSUs) Public Sector Undertakings projects and sectors were under loss every day including power, transport & sugar. Net loss by the sectors run by the government as hogh as 14, 869 Crore for the banking year ended March 31, 2015. The introduction of small bus concept was totally a disaster attempt by the government to compromise the loss to some extent. It was a failure and it has added extra burden to the state government on its debts accounts.

The State-run Public Sector Units (PSUs) have an accumulated loss of Rs. 65,440 crore from its 65 units including one statutory corporation for the year ended March 31, 2015, according to the Comptroller and Auditor General (CAG) of India report 2016 on Public Sector Undertakings. The net loss of these PSUs stood at Rs.14, 868 crore. 

The Government's Transport & Power sectors comprises 40% of the total loss claiming up to 16,833 Crore as per CAG report.

Tamil nadu state government is running at an accumulated loss of Rs 65,440 crore from its 64 PSUs. When it came to power generation sector, accumulated loss for the two entitiesTamil Nadu General and Distribution Corp Ltd (Tangedco) and Tamil Nadu Transmission Corp Ltd (Tantransco) stood at Rs 52,465.5 crore and Rs 2,487.4 crore respectively.

The CAG report also noted that there were seven non-working PSUs, including one under liquidation. The state had invested as much as Rs 152.88 crore in these defunct enterprises with notable write-offs in manufacturing and agricultural sectors.

Tamil Nadu's public sector enterprises have run up accumulated losses of nearly `65,000 crore. The bulk of this debt comes from utilities,- transport and power. This is the main reason consider for the recent increase in the the tariffs, bus ticket fares, power prices increase also in due after this raise in ticket tariffs- Increase in the electricity tarrif is expected to be announced after the ticket fare panic among citizens settles down.

The government has postponed the raising of tariffs for largely political reasons such as internal party affairs and recent poll elections losses.

The analysis by CAG showed an infructuous expenditure of Rs. 4.41 crore by Tamil Nadu Tourism Development Corporation Limited. This firm allowed its contractor to adopt a new technology for towing of submarine without adequate precaution, which led to a loss, apart from not establishing a Maritime Heritage Museum, an objective.

Coming to TNSTC which is currently a night mare for Tamil nadu people about the recent increase in Ticket tariff, three of the eight Tamil Nadu State Transport Corporations (TNSTC) — Coimbatore, Madurai and Metropolitan Transport Corporation (Chennai) — have accumulated liabilities to the tune of ₹2,494 crore by way of having mortgaged not just their buses, but also land and buildings including depots.

This information was revealed by replies given by TNSTC authorities to a petition under the Right to Information Act filed by Madurai-based activist and founder of Makkal Vizhippunarvu Arakkatallai, K. Hakkim (36). While MTC, TNSTC-Madurai and TNSTC-Coimbatore have given replies, TNSTC-Salem has refused to divulge the information.  Loans are given for normal operations, replacement of buses, capital works etc.

At ₹1,549.6 crore, TNSTC Coimbatore leads among the three in loans taken by way of mortgaging its movable and immovable properties. MTC has raised a total loan of ₹580.63 crore and TNSTC-Madurai, ₹363.82 crore. A senior MTC official said the properties were pledged for cash requirements for day-to-day operations.
The mortgaging of buildings, bus terminus, as well as depots has raised many concerns among public and medias.

As per the senior transport official "Not just property, but employee funds like provident fund, insurance and retirement benefits have been ploughed into the transport corporations to run the show"

Further announcment will be done by the state government in few days on the Power (Electricity) tarriff. Administration in tamil nadu for the past 10 yrs hold the worst ever as per economic analysts and financial researchers concern,

Despite of more political dramas happening in and around the state, the  people of tamil nadu yet to face more such announcements from the government very soon. 

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