Odisha's Public Sector Losses: A Deep Dive into Financial Pitfalls
Seven Odisha government-run companies incurred a loss of Rs 794.98 crore in the financial year 2022-23, according to the CAG report. Major contributors were GRIDCO Limited and Odisha State Road Transport Corporation. The report also highlighted financial mismanagement and operational inefficiencies in Odisha Mining Corporation.
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Seven government-run companies in Odisha faced a substantial financial setback, reporting losses amounting to Rs 794.98 crore for the fiscal year 2022-23. This alarming figure was disclosed in a report by the Comptroller and Auditor General (CAG) of India, presented to the state assembly.
The primary contributors to these losses were GRIDCO Limited and the Odisha State Road Transport Corporation, contributing Rs 778.18 crore and Rs 10.55 crore, respectively. Other troubled enterprises included Odisha Rail Infrastructure Development Limited and Odisha Tourism Development Corporation Limited.
The report also highlighted significant operational inefficiencies in the Odisha Mining Corporation, which paid penalties totaling Rs 3,761.88 crore for overproduction. The CAG's scrutiny pointed to improper financial management and deficiencies in contract execution as key issues in need of urgent addressing.
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