The Cabinet Committee on Economic Affairs (CCEA) announced financial packages to four PSUs, ITI, HMT, Hindustan Paper Corporation and Cachar Paper Mill, which are facing serious financial crisis and declared sick.
ITI is having accumulated loss of Rs.4,527 crore and the salaries of the 7500 employees are not being paid regularly. Now a soft loan of Rs. 200 crore is allotted to pay the salary of the employees.
Likewise, HMT has been allotted financial assistance for payment of 1997 pay revision wages. The retirement age has been increased from 58 to 60. The total assistance for all these programmes is about Rs. 136.04 crore.
For the Paper Mills, an amount of Rs. 75 crore has been allotted as assistance.
This assistance is only a fraction of what is required for these PSUs. This belated assistance itself is only due to the coming general elections.