Whalesbook
Purana Loan Gaya, Par Naye Panga?
Apni power distribution companies (DISCOMs) ne sach mein kamaal kar diya! Unhone apna legacy debt, matlab jo purana loan tha, woh ₹1.39 lakh crore se ghata kar sirf ₹3,300 crore kar diya hai March 2026 tak. Ye sab Electricity (Late Payment Surcharge and Related Matters) Rules, 2022 ke chalte hua hai, jismein baki pichhle paison ko EMI mein bharne ka order tha. PRAAPTI portal par bhi ye progress dikh raha hai.
Abhi Ka Paisa Baki Aur Asli Issues
Purane loan ka tension kam hua hai, par companies abhi bhi cash ki problem mein hain. March 27, 2026 tak, current outstanding dues ₹13,594 crore ho gaye hain, matlab total ₹16,894 crore baki hai. Iska reason hai state governments ki taraf se subsidy milne mein deri, bijli banane ka kharcha aur usse kam revenue milna (ACS-ARR gap), aur kuch kharche jise regulators allow nahi karte.
Thodi Recovery, Par Badi Gapaiyan Abhi Bhi
Yaad hai UDAY scheme 2015 mein aayi thi? Uske baad bhi losses badhte gaye. Ab Revamped Distribution Sector Scheme (RDSS) 2021 mein hai, jiske liye ₹2.83 lakh crore rakhe gaye hain. Performance sudharne par hi iska paisa milega. Technical aur commercial losses (AT&C losses) bhi kam hue hain, 22.6% se girkar 15.04% (FY25) ho gaye hain. ACS-ARR gap bhi 6 paise per unit (FY25) tak aa gaya hai. Isi wajah se, FY25 mein DISCOMs ne ₹2,701 crore ka combined profit bhi dikhaya hai, jo 10 saalon mein pehli baar hua hai.
Cash Flow Ki Kasht Jaari Hai
Lekin bhai, ye profit sirf paper par hai, asli cash nahi. Companies ko paise milne mein bahut deri ho rahi hai - FY25 mein average 112 din collection late hua hai. Aur bijli banane walon ko payment dene mein bhi 113 din ki average deri hui hai FY25 mein. Total borrowing bhi DISCOMs ki ₹7.26 lakh crore ho gayi hai March 2025 tak. Tamil Nadu, Rajasthan, aur Maharashtra par sabse zyada debt hai. ICRA jaise rating agencies ne sector ko abhi bhi 'Negative' outlook diya hai.
System Ke Andar Challenges Bade Hain
Sabse badi problem ye hai ki purane loan hatne ke baad bhi companies ko paisa collect karne mein dikkat aa rahi hai. Ye ₹7.26 lakh crore ka total loan dikhata hai ki sector financialy abhi bhi weak hai. Private DISCOMs public wale se behtar manage karte hain. State governments ki late subsidy bhi ek bada issue hai jise RDSS bhi poori tarah solve nahi kar pa raha. Aur regulatory assets bhi ₹3 trillion ke aas paas hain.
Aage Ka Rasta Reforms Aur Investment Par Depend Karta Hai
Power sector ko sudharne ke liye efficiency badhani hogi, billing aur collection theek karna hoga aur infrastructure upgrade karna hoga. RDSS ka goal modern facilities aur loss kam karna hai. Smart metering jaldi lagane ki zarurat hai. Sector ko loan restructuring aur subsidy par depend karna band karna hoga aur khud paisa kamane wale business model banane honge. Tabhi yeh long-term financially stable ho payega aur India ke energy transition goals ko support kar payega.