Time over for Sikkim Jewels, SITCO and SPIL

The shutdown of Sikkim Jewels, SITCO and SPIL to cost Rs. 24.98 crores to the Govt.

A total of Rs 24.98 crores has been estimated as the cost of shutting down the three public sector undertaking Sikkim Jewels, SITCO and SPIL. The State Government is planning to submit the proposal for the sanction of the same to the Union Minister for Commerce and Industries after the approval of the State Government.

Speaking with the media special secretary, Commerce and Industry Department Mr. PT.  Euthenpa informed that the financial package that is to be provided to the employees of Sikkim Jewels, SITCO and SPIL is proposed by the management committee of the respective units basing the

Demand on the prevalent norms and accordingly the package will be provided. Adding further Mr. Euthenpa informed that the ruling government is providing best financial package to the employees of three units that are being shut down. The issue of shutting down of these units was there since 2002 as these units were operating in loss and in addition the strict direction of 13th Finance Commission which states that those public undertaking units operating in loss needs to be privatized or shut down. It was further informed that the decision to shut down these units was taken only after all attempts to privatize them failed.

A total of 270 employees of these three units will be provided with financial package soon but the financial assistant that is being provided by Ministry of Commerce and Industry, GOI even includes other liabilities of the companies. In regards to the financial package of the employees Mr. Euthenpa informed that the committee of all the units have proposed that  it should be commensurate with the post held by the employee.

Informing about the cause of such huge loss being incurred by these units he said that due to lack of marketing as competition in the market is increasing and the problem in supply of raw material from outside which is expensive and transportation these units were running in loss.

Courtesy: Sikkim Mail



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