Maharashtra News: MSRTC's Losses Soar To ₹10,324 Crore In FY 2023-24; White Paper Reveals Financial Crisis
Mumbai, Jun 23: The Maharashtra State Road Transport Corporation's (MSRTC) accumulated losses surged to Rs 10,324 crore in 2023-24, more than double from Rs 4,603 crore in 2018-19, as per a white paper released by the state-run bus service on Monday.
The accumulated loss of the country's largest state-run transport undertaking is further likely to rise as the corporation has reported an unaudited loss of Rs 1,217 crore for the financial year 2024-25, an official said.
The loss-making public transport body released the white paper on its financial condition in the presence of state Transport Minister Pratap Sarnaik at the MSRTC's headquarters here.
MSRTC Vice Chairman and Managing Director Madhav Kusekar was also present on the occasion. The MSRTC's accumulated losses rose to Rs 10,324 crore by the end of the financial year 2023-24, according to the white paper.
As per the MSRTC officials, they have taken into consideration financial data of 45 years for preparing the white paper and during this period, the corporation was in profit only for eight years -- 1987-88, 1990-91, 1994-95, 1995-96, 2006-07, 2007-08, 2008-09 and 2009-10.
Sarnaik said the corporation was profitable for eight years, and in four years out of them, the state's current principal secretary for finance, O P Gupta, was the MSRTC's vice chairman and managing director.
The corporation earlier had more than 1 lakh employees and 18,500 buses. Now, the number of employees has come down to 87,000 and the buses to 14,500, he said.
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