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Current State of Public Sector Enterprises in India

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Current State of Public Sector Enterprises in India MEMBERS' REFERENCE SERVICE LARRDIS LOK SABHA SECRETARIAT, NEW DELHI REFERENCE NOTE No.05/RN/Ref./January/2017 1 For the use of Members of Parliament NOT FOR PUBLICATION CURRENT STATE OF PUBLIC SECTOR ENTERPRISES IN INDIA Prepared by Smt. Rachna Sharma, Additional Director (23034591) and Smt. Rashmi Kapoor, Joint Director of Lok Sabha Secretariat under the supervision of Smt. Kalpana Sharma, Joint Secretary and Smt. Anita Khanna, Director.- The reference material is for personal use of the Members in the discharge of their Parliamentary duties, and is not for publication. This Service is not to be quoted as the source of information as it is based on the sources indicated at the end/in the text. -------------------------------------------------------------- CURRENT STATE OF PUBLIC SECTOR ENTERPRISES IN INDIA Introduction Public Sector Undertakings (PSU) were envisioned and developed as pillars of infrastructure building in Independent India. Most of these Undertakings operated in basic industries to serve the broad macro-economic objectives of higher economic growth, self- sufficiency in production of goods and services, long term equilibrium in balance of payments, and low and stable prices besides meeting certain socio-economic obligations. In the First Five-Year Plan, five Central PSUs were set up initially with a cumulative investment of Rs. 29 crore. Slowly and gradually, PSUs came to occupy the commanding heights of the economy, growing in size and spread. Currently these are 298 central PSUs with total investment of Rs. 10.98 lakh crore. Though PSUs remain a very vital cog in our economy's wheel, their performance has been mixed one. Though the Champions among them are setting benchmarks even for the private sector, the laggards are a matter of extra concern. There are only six PSUs in the top 15 list with their revenue share plunging to 45 per cent in 2015-16. Present Status of PSUs The Comptroller & Auditor General (CAG) of India has conducted a financial audit of 157 Central PSUs, which had accumulated losses of Rs. 1,10,285 crore for 2015-16. It found that the net worth of 64 government companies (out of 157) had been completely eroded by accumulated loss and their net worth was negative. Report shows that returns had fallen from Rs. 1,54,484 crore to Rs. 1,37,338 crore. This profit may still look healthy, but over two-third of this profit comes from three areas, namely, petroleum, coal and lignite, and power where PSUs are a monopoly. For instance, 28.58 per cent of profits come from the petroleum sector, where there are no significant private players at the retail end yet. 3 Positive Negative India started with five Central PSUs, after More than 70 PSUs are loss making ones. independence, with a cumulative investment of Rs. 29 crore. Currently, there are 298 Central PSUs, with total investment of Rs. 10.96 lakh crore (2014- 15) PSUs contribute 16 per cent to the GDP, provide A study conducted by the Stakeholders employment to 1.3 million people and have market Empowerment Services (SES) among the top 27 capitalization of 15 per cent listed PSUs in 2015 found that 25 of them do not meet the criteria for independence of the board 163 PSUs logged a combined net profit of Rs. 1.49 More than 80 per cent do not have a compliant lakh crore at the end of 2014. audit committee and a nomination and remuneration committee. Reasons for Losses and sickness in Public Enterprises As the Central Public Sector Enterprises (CPSEs) operate under dynamic market conditions, it is quite natural to see ups-and-downs in their performance. Some CPSEs have, however, been incurring losses continuously for the last several years. The accumulated loss in many of these cases has exceeded their net worth. Some of the common factors for this scenario are as follows: obsolete plants and machinery, outdated technology, heavy interest burden, resource crunch, surplus manpower, high cost of production, weak marketing, shortage of working capital, etc.; Stiff competition from private companies, lack of business plans, dependence on Govt. orders, high input cost, etc. With liberalization and opening up of the economy, many CPSEs did not evolve fast and lost ground to private companies; considered no better than white elephants, run by bureaucrats rather than professionals. They employ a large workforce, recruited mostly on political considerations. The challenge is to reforms the PSU managements, so that they become competitive and capable of turning around the companies; and As many as 40 Central PSUs functioning without a fulltime head. Some PSUs were not able to keep pace with the rapidly changing technological environment. Political interference and a missing corporate governance structure hurt their autonomy and transparency. (List of Loss-making companies is shown in Annexure-I) 4 NITI Aayog has been made the nodal agency to identify the PSUs for sale/closure. It has identified 44 companies for strategic disinvestment and 26 loss-making PSUs for closure. Other companies that could be sold off include Tyre Corporation of India, Cement Corporation of India, HMT Bearings and Richardson & Cruddas. Measures taken by the Government to revive and restructure the Public Sector Undertakings Government has been taking several steps to make the mechanism and process for revival or restructuring of CPSE time bound, comprehensive, performance driven and efficient. It has been decided to remove the multiple layers in decision making process to ensure timely revival/restructuring of sick CPSEs. Revival/restructuring of sick/incipient sick CPSE is now to be merit based, taking into account of its strategic, national and business concerns. Over the years, several measures have been taken by the Government of India in this connection which include the following: The CPSEs were brought under the purview of Sick Industrial Companies (Special Provision) Act, 1985 in 1991. The Government subsequently set up the Board for Reconstruction of Public Sector Enterprises (BRPSE) in December, 2004 to advise the Government, inter alia, on the measures to restructure/revive, both industrial and non-industrial CPSEs. Department of Public Enterprises has issued guidelines on 29.10.2015 for “Streamlining the mechanism for revival and restructuring of sick / incipient sick and weak Central Public Sector Enterprises. General principles and mechanism of restructuring” to be followed by the administrative Ministries/Departments in preparation of proposals for revival/restructuring or closure of CPSEs under their administrative control in a time bound manner. The Centre has set the stage for the closure of 17 sick public sector units (PSUs), of which four are already under liquidation. Closing down these sick PSUs is part of a strategy to deal with beleaguered government-owned companies. Revival of rest of the sick PSUs and strategic sales in six of them could also be considered. BRPSE had recommended that the administrative Ministries/Departments take measures for revival/restructuring under their administrative control on case to case basis. Accordingly, the Government has approved revival of 46 CPSEs envisaging a total assistance of Rs. 40885 crores (cash assistance of Rs. 10932 crores and non- cash assistance of Rs.29953 crores) from Government of India (Annexure-II). 5 Disinvestment in Public Sector Undertakings1 Disinvestment of government equity in CPSEs began in 1991-92. The industrial policy statement of 1991 stated that the Government would divest part of its holdings in select CPSEs. Broadly, the objectives of divestment have been to raise resources, encourage wider public participation and bring in greater market accountability. The current policy on disinvestment envisages development of people‟s ownership of CPSEs to share in their wealth and prosperity while ensuring that the Government equity does not fall below 51% and Government retains management control. Keeping in view the objective of disinvestment policy, the following approach to disinvestment has been adopted: (i) Already listed profitable CPSEs (not meeting mandatory shareholding of 10% which now stands revised to 25%) are to be made compliant by „Offer for Sale‟ by Government or by the CPSEs through issue of fresh shares or a combination of both; (ii) Unlisted CPSEs with no accumulated losses and having earned net profit in three preceding consecutive years are to be listed. (iii) Follow-on public offers would be considered in respect of profitable CPSEs having 10 per cent or higher public ownership, taking into consideration the needs for capital investment of CPSE, on a case-by-case basis and Government could simultaneously or independently offer a portion of its equity shareholding. (iv) Each CPSE has different equity structure, financial strength, fund requirement, sector of operation etc. These factors do not permit a uniform pattern of disinvestment. Therefore, disinvestment is considered on merits and on a case-by-case basis. (v) CPSEs are permitted to use their surplus cash to buy back their shares; one CPSE may buy the shares of other CPSEs from the Government. During the financial year 2014-15, against the target of Rs.36,925 crore, Government realized an amount of Rs.24,277.17 crore through minority stake sale. In 1 The last strategic sale took place in Jessop and Co in 2003-04 under the NDA government headed by Prime Minister Atal Bihari Vajpyaee, when 72% of government stake was sold to Indo Wagon Engineering for Rs.18.18 crore. Incidentally, the first strategic sale in a PSU also happened under NDA rule in 1999-2000 when the government sold 74% equity in Modern Food Industries to Hindustan Lever for Rs. 105.45 crore. During 1999-2000 and 2003-04, the government had strategically divested stake in 16 PSUs to garner a total ofRs.6,344.35 crore. These included sale of fuel retailer IBP Ltd to state-owned Indian Oil Corp (IOC) for Rs.1,153.68 crore.
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