New Delhi (16.03.2021): In sync with PM Modi’s recent statement and in the backdrop of ‘Atmnirbhar Bharat’ mission the NaMo Government made it clear that the public-sector entities could not sustain on themselves should quit the race. The Union Cabinet headed by PM Modi on Tuesday approved the closure of Handicrafts & Handlooms Export Corporation of India Limited (HHEC); a Govt of India undertaking under the administrative control of the Ministry of Textiles. There are 59 permanent employees and six management trainees serving in HHEC. The NaMo administration has also decided to compensate them well by providing an opportunity to avail the benefits of VRS as per norms laid down by the Department of Public Enterprises (DPE). While announcing the decision the Govt claimed that the closure of the loss-making entity would reduce the recurring expenditure on salary/wages of the sick non-operational loss-making entity. The Govt in its note also underlined that there was little scope for its revival HHEC was continuously incurring losses since FY 2015-16 and was unable to sustain and fund its operational expenditures. PM Modi had recently stated that ‘Government has no business to be in business.
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PSU: Cabinet approves closure of HHEC (India) Limited
By IndianMandarins - 2021-03-16 19:01:00
New Delhi (16.03.2021): In sync with PM Modi’s recent statement and in the backdrop of ‘Atmnirbhar Bharat’ mission the NaMo Government made it clear that the public-sector entities could not sustain on themselves should quit the race.
The Union Cabinet headed by PM Modi on Tuesday approved the closure of Handicrafts & Handlooms Export Corporation of India Limited (HHEC); a Govt of India undertaking under the administrative control of the Ministry of Textiles.
There are 59 permanent employees and six management trainees serving in HHEC. The NaMo administration has also decided to compensate them well by providing an opportunity to avail the benefits of VRS as per norms laid down by the Department of Public Enterprises (DPE).
While announcing the decision the Govt claimed that the closure of the loss-making entity would reduce the recurring expenditure on salary/wages of the sick non-operational loss-making entity.
The Govt in its note also underlined that there was little scope for its revival HHEC was continuously incurring losses since FY 2015-16 and was unable to sustain and fund its operational expenditures.
PM Modi had recently stated that ‘Government has no business to be in business.
