Govt earns Rs 4k only from investment of ` 176.32 cr

IMPHAL,5th Aug: The state government has been able to earn only Rs 4000 against annual investment of Rs 160.29 crore to Rs 176.32 cr in companies, corporations and co-operative societies during 2012 to 2017. According to the CAG report tabled in state assembly recently, in 2016-17, the government invested Rs 176.32 cr at the interest rate of 6.42 per cent to two statutory corporations, 17 government companies and 3135 cooperative banks and institutes but earned Rs 4000 only.

In 2012-13, the government invested Rs 160.29 cr at 6.52 pc interest rate; Rs 160.30 cr at 6.42 per cent interest rate in 2013-14; Rs 167.17 cr at the interest rate of 6.56 pc in 2014-15; and Rs 175.24 cr at the interest rate of 6.67 pc in 2015-16. The report recommended the government to look into the mode of function and maintenance of the corporations and companies in order to collect full revenue.

The CAG report also mentions that there is no report of the government investing in public-private partnership projects till 2016-17. Apart from the investment, the government also provides loans and advances to different institutions and organisations ranging from Rs 203 to Rs 205 crore per annum during 2012 to 2017. However, the interest received by the government from these loans and advances is comparatively low.

The government provided loans and advances of Rs 203.61 crore in 2012-13 and collected Rs 94 lakh only. Rs 35 lakh was collected against investment of Rs 206.32 crore in 2013-14; Rs 55 lakh collected against investment of Rs 205.13 crore in 2014-15; and Rs 32 lakh collected against investment of Rs 204.51 crore in 2015-16.

© 2016 - 2019 The People's Chronicle. All rights reserved.