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Cabinet approves closure of Handicrafts & Handlooms Export Corporation; offer VRS to 65 employees
Cabinet approves closure of Handicrafts & Handlooms Export Corporation; offer VRS to 65 employees
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Tuesday, March 16, 2021, approved the closure of Handicrafts and Handlooms Export Corporation of India Limited (HHEC).
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Tuesday, March 16, 2021, approved the closure of Handicrafts and Handlooms Export Corporation of India Limited (HHEC). Currently, there are 59 permanent employees and 6 Management Trainees are serving in the Corporation.
All the permanent employees and Management Trainees will be given an opportunity to avail the benefit of a Voluntary Retirement Scheme as per norms laid down by the Department of Public Enterprises.
The approval will benefit the Government exchequer in reducing recurring expenditure on salary and wages of sick Central Public Sector Enterprises, which is not in operation and earning no income. The Corporation has been continuously incurring losses since the financial year 2015-16 and not earning sufficient income to meet its running expenses. There is little scope for its revival, necessitating the closure of the Company.
The decision to close HHEC is in line with the government's strategic disinvestment policy, under which CPSEs in non-strategic sectors will be privatised or closed.
