Mirroring signs of revival, the
Department of Posts (DoP) has registered the highest decline in deficit in more
than 10 years at Rs 550.73 crore in 2011-12 on the back of increase in
revenues, mainly from financial services.
Total revenues of the department in 2011-12 rose by 13.62 per cent to Rs
7,910.51 crore while expenditure stood at Rs 13,705.4 crore, leaving a deficit
of Rs 5,794.89 crore.
In the previous fiscal, DoP had revenues of Rs 6,962.33 crore and
expenditure of Rs 13,307.95 crore, reflecting a gap of Rs 6,345.62 crore.
DoP's deficit had jumped over 80 per cent to 6,641.30 crore in 2009-10 from
3,593.09 crore in 2008-09 due to implementation of the Sixth Pay Commission's
recommendations.
“In the last one year we have developed an integrated strategy to make India Post,
commercially and socially relevant. The financial performance of the last year
indicates that we have succeeded to an extent. But a lot more need to be done,”
Minister for Communications and IT Kapil Sibal told the news agency.
According to the Financial
Performance report prepared by Department of Posts for 2011-2012, revenues from
financial services grew by 20.8 per cent at Rs 4,304.07 crore in 2011-12
compared to Rs 3,562.77 crore in FY'11.
Revenue from postal operations grew by 6.08 per cent to Rs 3,606.44 crore in
2011-12 from Rs 3,399.56 crore it registered in FY'11.
Sibal said that he is expecting revenue of DoP to grow by 20 per cent in the
current financial year.
“This financial year we are targeting revenue increase of plus 20 per cent. I
am happy that India Post is moving in the right direction. Now we need to
increase our speed,” he said.
DoP has appointed Boston Consulting Group to prepare an appropriate business
structure for the emerging and premium services of India Post.
The postal department has floated expression of interest to appoint a
consultant for preparing detailed project report (DPR) of its ambitious Post
Bank projects and this report is expected to be finalised by end of this
calendar year.
“The Post Bank project will rejuvenate financial services offered through post
offices,” Sibal said.DoP has already announced to set-up 1000 ATMs across
country as part of its financial services.
Sibal has also asked DoP introduce premium logistics services in select 80 to
90 cities within six months to tap the expanding e-commerce market in the
country and enhance its revenue by 15 per cent.
Press Trust of India /
New Delhi Jul 05, 2012,
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