Even before the global financial meltdown hit the Indian shores, the central government-owned companies had shed 44,000 employees, says the 48th Public Enterprises Survey 2007-08.
The number of people employed by the Central Public Sector Enterprises (CPSEs) came down to 1.57 million at the end of 2007-08 from 1.61 million in the previous fiscal, the survey stated.
The trimming of workforce took place in a year which witnessed overall increase in profits of the CPSEs to Rs 91,140 crore from Rs 89,578 crore a year ago and has no links with the global financial crisis that hit the world in September 2008.
The crisis, according to a labour ministry survey, resulted in loss of job of 500,000 workers during four-month period ending December 2008.
The survey also revealed that out of a total of over 1.5 million people employed by 242 CPSEs, only 132,000 were women.
The employee strength of the CPSEs has been constantly coming down since 2001-02 during which they had a staff of about 2 million. The number fell gradually to 16.14 during 2006-07 and further to 1.57 million in 2007-08.
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The survey said the wage bill of CPSEs went up by 15.9 per cent during 2007-08 to Rs 64,306 crore. CPSEs in the coal and lignite sector had the maximum number of employees on their roll (445,000) followed by telecommunication services (355,000) and steel (148,000).
While overall staff strength in the CPSEs was reduced in 2007-08, companies in some sectors including petroleum, heavy engineering and transportation equipment added workforce.
| TRACKING PSUs (Highlights of Central Public Sector Enterprises Survey 2007-08) |
| * ONGC top profit-making central PSU with total earning of Rs 16,702 crore |
| * National Aviation Company of India Ltd biggest loser with a total loss of Rs 2,226 crore |
| * Persons employed by CPSEs down to 1.57 million from 1.61 million |
| * Market capitalisation of 41 listed companies rises 65 per cent during 2007-08 |
| * CPSEs' contribution to the exchequer increases to Rs 1.66 lakh crore from Rs 1.49 lakh crore |
| * Net worth of the CPSEs rises 14.66 per cent to Rs 5.21 lakh crore |
| * Profits of CPSEs up marginally to Rs 91,140 crore from Rs 89,578 crore |
| * Losses too up at Rs 11,254 crore from Rs 8,457 crore |
| * Salary bill of CPSEs rises 16 per cent to Rs 64,306 crore |
| * Foreign exchange earnings rise to Rs 74,283 crore from Rs 70,906 crore |
| * Paid-up capital of 242 companies up 2 per cent to Rs 1.34 lakh crore |
| * Turnover of CPSEs rises to Rs 10.81 lakh crore from Rs 9.64 lakh crore |
The transportation manufacturing sector hired about 3,000 people while the petroleum and heavy engineering sectors added about 360 and 900 people, respectively.
The survey added telecommunication services employed the highest number of women (about 50,000) followed by petroleum and medium and light engineering segment.
It said about 594,000 employees had opted for voluntary retirement scheme (VRS) till March 31, 2008.