State PSU provides jobs to 18 Lakh people and contributes 6% to GDP. State PSU are important to our country and 13th finance commission has reviewed the performance of Sate PSU in its report
The commission has find that PSU has generating aggregate 6000 Cr losses and only PSUs of nine state are in profit. It is this recommended to analysis financial viability of existing firms and those firms which are in non-core areas need to be recommended for closure.
Many State PSU have not audited their accounts and presented to their Annual General Meeting. Inability of State PSU for closure of their annual accounts and running in arrears has lead to inefficiency in their operations.
13th finance commission has recommended for clearing backlog accounts of state PSU and follow statutory obligations and compliance. It has also recommended for finalization of accounts in consultation with Auditor General of India by holding series of General Meetings.
13th finance commission has also recommended for closure of non-functions state PSU in consultation with Auditor General of India and setting up of holding company for liquidation of state PSU
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