US Economy in Adverse Case of FED.?

The Financial Development Report 2012

Latest FOMC Minutes

World Economic Forum ' Transparency for Inclusive Governance'

Alan Greenspan ' Fiscal Cliff is Painful '

Monday, August 22, 2011

A Letter to Deficit : Post to Rs 6641.30 cr losses

The annual expenditure of the Department of Posts was 13,307.95 crore during FY11, almost double its revenue of 6,962.33 crore, government data showed. 

This has "resulted in a deficit of 6,345.62 crore," Minister of State for Communications and IT Sachin Pilot said in a written reply to the Lok Sabha. 

Similarly, in FY10, while the Department earned 6,266.30 crore, it spend 12,908 crore. 

The department's deficit had jumped over 80% to 6,641.30 crore in 2009-10 from 3,593.09 crore in 2008-09 on account of the implementation of the Sixth Pay Commission's recommendations. 

The government has been working on revamping the Indian postal service. Internet connectivity to post offices and turning post offices to full-fledged banks are some of the initiatives being worked on to give the humble post office a radical makeover. 

Replying to another question, Pilot said the government has approved the IT modernisation project for the Department of Posts for computerisation of post offices. "This will involve establishment of required IT infrastructure and development of required software applications with an outlay of 1,877.2 crore," Pilot said. 

The IT project is expected to be implemented by 2012-13, subject to the availability of funds, he added. 

The department has a network of 1.55 lakh post offices in the country, the largest in the world, of which more than 1.39 lakh are in rural areas.



NOTe: Indian Telecom Revolution and Courier services have been the biggest adversaries of the Postal Department. The postal services mostly now used by the Business services and government agencies, who Both can afford the higher charges. Of Course, the Postal relevance was felt by me, when I remained away in different part of the country, The extent of losses is too much and if one account for real services to the rural poor, the cost would be too High 

No comments:

Post a Comment