MSRTC losses over 10,000cr, up 124% in 5 yrs, shows white paper | Mumbai News

Mumbai: The accumulated losses for the state bus corporation surpassed the Rs 10,000 crore mark, revealed Maharashtra State Road Transport Corporation (MSRTC) chairman Pratap Sarnaik in the financial white paper released for the bus corporation on Monday. The accumulated losses rose by 124% over five years.Sarnaik announced to the media that he will transform the loss-making corporation into a profitable entity within four years. According to the white paper document, the corporation made a profit in only 8 of the last 45 fiscal years, with consistent losses in the remaining years. The document emphasised upcoming policy decisions, cost-cutting plans, and strategies to increase revenue and improve passenger services.According to the white paper, MSRTC plans to add 5,000 new buses annually to its fleet to boost revenue. This includes leasing high-quality Volvo buses. “Fuel pumps for private vehicles will be set up on MSRTC-owned land, with revenue-sharing agreements with fuel suppliers. Additionally, MSRTC properties will be developed under BOT (Build-Operate-Transfer) or PPP (Public-Private Partnership) models,” it stated.“To reduce costs, there is a plan to include 5,000 LNG and 1,000 CNG buses in the fleet, and introduce 5,300 electric buses to improve passenger safety and amenities,” said Sarnaik.The NCMC (National Common Mobility Card) scheme will be implemented for concessional passengers, the white paper mentioned. “Digital ticketing machines with conductors and On-Board Readers (OBR) will be increased in buses, while CCTV systems will be installed for passenger safety,” it stated.Sarnaik further said that there were plans to offer fare concessions for long-distance passengers and welfare schemes for employees.The organisation, serving as Maharashtra’s primary public transport provider, facilitates daily travel for nearly 58 lakh passengers.The accumulated losses escalated from Rs 4,600 crore in 2018-19 to Rs 10,322 crore, attributed to Covid-19 lockdown and prolonged employee strikes.