Odisha PSEs Face ₹795 Crore Loss in 2022-23, CAG Flags OMC Irregularities

• Seven Odisha public sector enterprises reported a combined loss of ₹794.98 crore in FY 2022-23, a significant jump from ₹453.11 crore in 2021-22.
• Key loss-making entities include Odisha Rail Infrastructure Development Limited, Odisha Tourism Development Corporation Limited, and Kalinga Studios Limited.
• CAG raised concerns about Odisha Mining Corporation (OMC), noting only half of its 36 mining leases are active and identifying violations in mineral overproduction.
• OMC faces a penalty of ₹3,761.88 crore for extracting 29.47 million metric tonnes of minerals beyond allowed limits between 2017 and 2022.
• The report also highlighted OMC's unsecured loans of over ₹3,200 crore to other firms, with nearly ₹950 crore unpaid, and poor project execution.

Key Questions Answered

What caused Odisha PSEs to lose nearly ₹800 crore?

Seven public sector enterprises in Odisha incurred losses totaling nearly ₹795 crore in the 2022-23 financial year.

Will Odisha Mining Corporation face penalties for overproduction?

The provided sources do not explicitly state whether Odisha Mining Corporation (OMC) will face penalties for overproduction.

How will Odisha address these significant financial losses?

Odisha is implementing a new excise policy from April 1, 2026, to March 31, 2029, which includes a 0.5% de-addiction cess on excise duty and increased license fees.