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CAG report reveals losses worth Rs 30 thousand crore by PSUs in 2016-17
The public sector undertakings operated by the Central Government have lost Rs 30 thousand crore in 2016-17.

The surprise report of CAG on the condition of state-run companies has come to light. Most of the sick run-ups (PSUs) are plundering thousands of crores of rupees in the country. 

These public ventures owned by the Central Government are constantly writing a new script for the decline. You will be surprised to know that the figure of the losses of the government companies in the country has crossed one lakh crore rupees. 

In the current Narendra Modi government's tenure, every year 30 thousand crores have been lost. It has been revealed in the investigation by the country's largest audit agency, CAG. This report, presented in the monsoon session of Parliament, shows how poor public administration is reaching the verge of closure due to poor management.

Government companies are running in deficit due to wrong management and other reasons. As per the report, in 2014-15, 132 PSUs incurred a net loss of Rs 30861 crore in the corresponding year. During this time, the total loss of these companies increased to one million crore i.e. 1,10805 crore. The next year the condition worsened. 

In 2015-16, 153 under trials had to bear an annual loss of Rs 31,957 crore. In the meanwhile, the overall deficit was 104756 crore. In the same way, in the year 2016-17, net loss of companies was 30678 crore and the overall deficit was 104730 crore. 

However, in 2016-17, the companies improved slightly in 2015-16. Explained here is the net loss, which means the loss in the respective year and the total loss in terms of accumulated loss. Accumulated loss is calculated based on the performance of companies from previous governments to the current government.

The CAG has also formed a list of government companies that have suffered losses of more than Rs 1000 crore. According to which, the highest loss was suffered by the Steel Authority of India in 2016-17. The company had to suffer a loss of Rs 3187 crore this year. 

Likewise, Mahanagar Telephone Nigam Limited (MTNL) got Rs 2,941 crore, Hindustan PhotoFills Company Limited got 2917, Unitech India Insurance Company Limited got 1914, Oriental Insurance Company Limited got 1691 and National Steel Corporation Limited lost Rs 1263 crore.It is a special thing that 41 out of the 173 government control companies lost a loss of 4308 crores in 2016-17.

According to the data of March 31, 2017, there are 636 public enterprises companies (CPSEs) in the country. In which 438 government companies are listed, six statutory bodies and 192 companies are of other types of government control. In the report number 18 of 2019, the CAG has scrutinized a total of 579 PSUs. Up to 30 September 2017, the CAG received an annual account of 544 CPSEs out of a total of 630. During this, the CAG examined the account of 332 CPEs. Under the Companies Act 2013, the CAG checked the working, rights and condition of these government companies. This report examines the financial condition of central government-owned companies and corporations.It is also investigated whether companies have been operating under SEBI regulations.

The Department of Public Enterprises (DPE) has defined the definition of public undertakings in a report in January 2017. Here, CPSE is also a part of PSU. PSAU means that the public sector is underwriting, then CPSE means Central Public Sector Enterprises. Both are meant to be from government-owned companies. According to the definition given in the Companies Act, 2013, the companies in which more than 50 percent equity shares are from the central government. If the subsidiaries of these companies are registered in the Government of India, they also classify them in CPSE.

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