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West Bengal's PSUs contribute 2.92pc to SGDP in FY'16: CAG

There are a total of 89 state PSUs of which 70 are working and employed 49,000 as on March, 2016.

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West Bengal's state-owned public sector units contributed a mere 2.92 per cent to the State GDP (SGDP) from the 70 working companies that registered an aggregate turnover of Rs 30,360 crore in FY'16, the Comptroller and Auditor General said in its latest audit report.

There are a total of 89 state PSUs of which 70 are working and employed 49,000 as on March, 2016.

As on FY'16, investment in the power sector accounted for a massive 73.23 per cent of the total investment of Rs 43,594 crore done by the state government in 89 PSUs under its's control.

In 2015-16, 22 PSUs had earned a profit of Rs 604.76 crore while, seven companies incurred a loss of Rs 478.56 crore.

In the same period, the state government provided financial support of Rs 2,655.32 crore. 

Meanwhile, the current account deficit rose to 2 per cent of the GDP at USD 13.5 billion in the December quarter, up from USD 8 billion or 1.4 per cent in the year-ago period, on the back of higher trade deficit, shows the Reserve Bank data.

The CAD, which shows the difference between foreign exchange earned and spent, stood at USD 7.2 billion or 1.1 per cent of gross domestic product (GDP) in the preceding September quarter, according to data released by the central bank today.

"The widening of the CAD on a year-on-year basis is primarily due to a higher trade deficit which rose to USD 44.1 billion in the reporting quarter due to a larger increase in merchandise imports relative to exports," the central bank said in a statement.

On a cumulative basis, CAD more than doubled to 1.9 per cent of GDP in the April-December 2017 period from 0.7 per cent in the corresponding period of 2016-17 due to wider trade deficit, which increased to USD 118.9 billion from USD 82.7 billion.

Net services receipts rose 17.8 per cent during the reporting quarter mainly on the back of a rise in net earnings from software services and travel receipts.

Private transfer receipts, mainly representing remittances amounted to USD 17.6 billion, an increase of 16 per cent over a year ago.

In the financial account, net foreign direct investment stood at USD 4.3 billion, almost 55 per cent less than in the year-ago period when it was at USD 9.7 billion, the apex bank data showed.

However, net portfolio investment inflows were in the green at USD 5.3 billion in Q3, compare to an outflow of USD 11.3 billion in the year-ago period, due to net purchases in both the debt and equity markets.

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