AHMEDABAD: The Comptroller and Auditor General (CAG) of India has raised serious concerns with regards to the performance of State Public Sector Undertakings (SPSUs).The State Finances Audit Report of the CAG reveals that as of March 31, 2023, all the 101 SPSUs were under the scrutiny of the CAG. Among them, 15 are either defunct or undergoing liquidation. Only 29 SPSUs had submitted their financial statements for 2022-23 by September 30, 2023, for CAG’s audit. Three SPSUs were exempt from submitting statements due to no arrears. However, 69 SPSUs failed to provide their 188 annual financial statements by the deadline.The ‘State Finances Audit Report of the CAG for the year ending March 31, 2023,’ was tabled in the Gujarat Assembly on Friday, marking the conclusion of the three-day monsoon session. According to the report, 94.38% of the total profit of ₹9,927.30 crore, generated by 63 SPSUs, came from just 10 entities. Meanwhile, six SPSUs accounted for ₹2,276.72 crore of the ₹2,456.98 crore total loss reported by 30 SPSUs.As of March 31, 2023, 42 State Public Sector Undertakings (SPSUs) in Gujarat reported accumulated losses totaling ₹29,379.28 crore, while 52 SPSUs recorded a combined surplus of ₹35,668.58 crore. Six SPSUs showed neither gains nor losses in their latest financial statements.Among those with losses, the net worth of 21 SPSUs, including six inactive ones, had been entirely eroded, with a total negative net worth of ₹5,121.95 crore against a paid-up capital of ₹4,158.88 crore. The Gujarat State Financial Corporation suffered the greatest erosion, losing ₹3,072.60 crore, followed by Alcock Ashdown (Gujarat) Limited and Gujarat Water Infrastructure Limited, which lost ₹610.26 crore and ₹587.87 crore, respectively. In these 21 SPSUs with completely eroded net worth, the government’s equity and outstanding loans stood at ₹3,946.37 crore and ₹4,434.21 crore, respectively.
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