Srinagar, Nov 04 (KNS): Jammu and Kashmir administration is mulling a major revamp to make the loss making public sector undertakings (PSUs) into profit earning corporations.
Most of the public sector undertakings (corporations) in Jammu and Kashmir are running in losses and have become a major burden on the state exchequer.
However, the Centre has told Jammu Kashmir government to take measures for making the PSUs into profit making corporations.
“A proposal has been made that all the public sector undertakings will work under the Industrial Development Corporation which will be headed by Chief Managing Director, who shall be an IAS level officer. Each corporation will be headed by Executive Director, which at present is headed by Managing Director,” a source told KNS.
He said Centre has also told the Jammu and Kashmir government to provide details of employees, assets, and liabilities of corporations. “Once the details are finalized, the government may merge few of the corporations and take measures for making them profit earning corporations,” he added.
As per an official document, the Centre has also told the JK government to provide details about board of directors in corporations.
“The government will appoint new board of directors in several corporations like it did recently in JK Bank. There will be further changes in corporations in coming weeks,” the source said.
The government has already directed the corporations not to make any recruitment or initiate works without the concurrence of the Finance Department.
“No new posts shall be created by the PSUs, autonomous bodies, without the prior concurrence of Finance department. No recruitment shall be made by public sector undertakings, without following a transparent and due process including advertisements inviting applications from eligible candidates irrespective of class of the posts,” an order reads, issued earlier.
As per the directives, no procurement of goods and services shall be made by the public sector undertakings, autonomous bodies, societies aided by state government without following a transparent bidding process.
“Further, PSU, autonomous bodies, societies are instructed to undertake the changes as may be required in their bye-laws, regulations with the approval of competent authority,” the order added.
The public sector undertakings and autonomous bodies would make recruitments on their own while the government recruitments of departments are to be done through recruitment agencies like Service Selection Recruitment Board, and Public Service Commission. (KNS)