BSNL, MTNL, Air India Triggered Maximum Losses Among All PSUs; ONGC Posted Biggest Profit
By now, all of you must have been in terms with so much commotion and unrest going on, regarding the political blinds India finds itself into. In fact, last year has seen much change in the socio-political and economical shifts, contrary to the way the country expects things to commute.
With privatisation of government bodies and assets, resulting into countless strikes on streets comprising of multitudes chanting against the government policies, we all surpassed 2019, entering 2020.
Not just this, we have been fervently keeping you updated of all the news that we get our hands on, with respect to every movement going on in the PSU sector.
The Public Enterprises Survey 2018-19 has revealed that the top 10 companies in the red, claim a whopping 94.04% of the total losses made by all the 70 loss making CPSEs during the financial year.
ONGC, Indian Oil Corporation and NTPC Top the List!
The Public Enterprises Survey 2018-19 maps the annual financial performance of all central PSUs in the given fiscl year. According to this report placed in the Parliament on Monday, it was revealed that ONGC, Indian Oil Corporation and NTPC were the top three most profitable PSUs in 2018-19.
On the other hand, BSNL, Air India and MTNL incurred highest losses for a third consecutive year. This report revealed that the top 10 companies in the red claim a whopping 94.04% of the total losses made by all the 70 loss making CPSEs during the year.
In fact, the top three most profit making PSUs Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation and NTPC contributed 15.35, 9.68% and 6.73% respectively to the total profit earned by all profitable CPSEs.
Some More Numbers
State Trading Corporation of India, MSTC and Chennai Petroleum Corporation which were profit making Central PSEs in 2017-18, after incurring heavy losses of ?24,40,748 crore, hence feature among the top ten loss- making firms, as found by the survey.
Total income of all CPSEs during 2018-19 stood at ?24,40,748 crore compared to ?20,32,001 crore in 2017-18, showing a growth of 20.12%,
The contribution of CPSEs to the central exchequer by way of excise duty, customs duty, GST, corporate tax, interest on central government loans, dividend and other duties and taxes stood at ?3,68,803 crore in 2018-19 as against ?3,52,361 crore in 2017-18.
As per the survey, there were total 348 CPSEs as on March 31, 2019 out of which 249 were operational. The remaining 86 were under construction and 13 were under closure or liquidation.