Indian Railways yet do not have a comprehensive strategy to expedite the process of listing railway PSUs
Vishwas Dass | June 14, 2018 | New Delhi
Ministry of railways’ decision of holding the listing of Indian Railway Catering and Tourism Corporation (IRCTC) has exposed its seriousness in listing its public enterprises in stock exchanges.
Although the decision was taken one year back, the national transporter does not have a comprehensive strategy to facilitate the process.
The railways ministry has been delaying the listing of its PSUs for the past one year due to reasons undisclosed. It has not taken proactive measures to list its enterprises to garner funds from the market and introduce the needed transparency.
Post-demonetisation, the centre had permanently waived off the service charge levied by IRCTC on the e-ticket, which was its sole income medium. The IRCTC incurred losses of Rs 500 crore on account of this decision and so far a meager Rs 80-90 crore has been reimbursed by the finance ministry. The service charge was withdrawn on lieu of promoting digital payment.
As the centre did not compensate, the IRCTC kept on incurring losses resulting in poor evaluation of the enterprise. Sources said the railways have made little efforts to compensate losses incurred by IRCTC post-demonetisation.
The cabinet committee on economic affair, in 2017, had cleared the decks to list 11 public sector undertakings, including five railway PSUs namely IRCTC, RITES, IRFC, RVNL and IRCON.
Three days back, minister of railways Piyush Goyal affirmed that he himself had delayed the evaluation process of IRCTC because it was not getting the anticipated evaluation. He said the huge database of IRCTC is not being captured in the valuation. “I am trying to see how we can capture and cross utilise these databases so that we can get better valuation which is comparable to other large customer-base companies,” the minister said.
Goyal also said that the listing of RITES, IRCON and RVNL is underway and would be concluded soon.
The IRCTC has got a huge customer data but it has not compiled it which has now become a problem in being getting evaluated.
Renowned British singer, songwriter and reggae DJ, Apache Indian (originally known as Steven Kapoor) shot to fame with his style of music which came to be known as bhangramuffin (also called bhangragga) – a mix of bhangra, reggaemuffin and traditional dance hall in the early 1990s. His style changed
When close to five lakh people are killed in road accidents every year in India, road transport minister Nitin Gadkari should have been complimented on his not-so-populist move to impose higher fines for traffic violations. Instead, many people are unhappy and several states – mostly ruled by the BJP
Traditional fishermen or Kolis; synonymous with feasting, song and dance; are the original inhabitants of Mumbai. For generations, they have loved their vocation and prided in it. But their work and lifestyle are facing threats from reclamation, land acquisition by builders, lack of sustainable fishing pra
Addressing the Conference of Parties (COP14) to the United Nations Convention to Combat Desertification (UNCCD), Prime Minister Narendra Modi on Monday announced that India would raise its target of the total area that would be restored from its land degradation status from 21 million hectares to 26 millio
Scheduling irrigation, constructive use of water, proper crop selection and utilising modern irrigation technologies will help enhance water security while also ensuring a high agricultural productivity, says T. Mohapatra, director general of the Indian Council of Agricultural Research (ICAR).