Public sector companies’ turnover rises 84 percentFebruary 16th, 2009 - 4:19 pm ICT by IANS
New Delhi, Feb 16 (IANS) The combined turnover of the central public sector enterprises (CPSEs) has gone up 84 percent to Rs.10.81 trillion (Rs.10,81,000 crore) last fiscal from Rs.5.87 trillion in 2003-04, Minister for External Affairs Pranab Mukherjee said here Monday.
Presenting the interim budget for 2009-10 in the Lok Sabha on behalf of Prime Minister Manmohan Singh who is recuperating from heart bypass surgery, Mukherjee said combined profit of the CPSEs has increased 72 percent from Rs.530 billion to Rs.910 billion.
The public sector companies’ contribution to the central exchequer by way of dividend, interest and taxes and duties went up 86 percent.
The minister added that the number of loss making enterprises has come down from 73 in 2003-04 to 55 in 2007-08, while the number of profit making enterprises has gone up from 143 to 158.
Mukherjee said the government set up the National Investment Fund in November 2007 to finance select social sector schemes.
The proceeds made by disinvesting government stakes in public companies were deposited in the fund.
“The residual 25 percent annual income of the fund will be used to meet the capital investment requirements of profitable and revivable CPSEs,” Mukherjee added.