Eleven state-run corporations in Kashmir have incurred losses of about Rs. 20 billion, informed the government. More than 61 percent of the eighteen corporations were in debt till the end of March 2009, including four corporations that were facing huge losses of about Rs. 3 billion.
The government figures reveal that the Jammu & Kashmir Handicrafts Corporation needs 'one time' funding of about Rs. 6 crore in order to make it self-contained and to fulfill its annual expenses as it had witnessed a loss of about Rs. 88.85 crore.
The JK Handloom Development Corporation Ltd. has also incurred a loss of Rs. 77.87 crore. Conducting developmental activities and promotion of the handicraft sector of J&K are the major objectives of this corporation.
A revival plan to get rid of these losses has been submitted but not implemented yet. The government intends to modernize, and restructure five of these corporations by trimming down the staff.
Fibre2fashion News Desk - India
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