Mar 16: The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the closure of Handicrafts and Handlooms Export Corporation of India Limited (HHEC), the Corporation, a Government of India undertaking under the administrative control of the Ministry of Textiles.
There are 59 permanent employees and 6 Management Trainees 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 (VRS) as per norms laid down by the Department of Public Enterprises.
The approval will benefit the Government exchequer in reducing recurring expenditure on salary/wages of sick CPSE which is not in operation and earning no income.
The Corporation has been continuously incurring losses since financial year 2015-16 and not earning sufficient income to meet its running expenses. There is little scope for its revival, necessitating closure of the Company.Disclaimer: We donot claim that the images used as part of the news published are always owned by us. From time to time, we use images sourced as part of news or any related images or representations. Kindly take a look at our image usage policy on how we select the image that are used as part of the news.