The Maharashtra State Road Transport Corporation (MSRTC) is grappling with a staggering ₹10,324 crore in accumulated losses as of FY 2023-24, up from ₹4,603 crore in 2018-19, according to a white paper released on Monday.

The state-run transport giant, which ferries over 55 lakh passengers daily, has been profitable in only eight of the last 45 years, painting a grim picture of its financial health.

Transport Minister and MSRTC Chairman Pratap Sarnaik, who spearheaded the white paper’s release, called the ₹10,000-crore deficit daunting, admitting recovery prospects are slim. “Had the government acted 3-4 years ago, we wouldn’t be in this mess,” he said, outlining plans to induct 5,000 new buses annually, including 100 leased Volvo buses, and explore revenue streams like fuel pumps on MSRTC land and asset development via BOT or PPP models.

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The white paper, a rare initiative driven by Sarnaik rather than opposition pressure, cites aging buses, frequent breakdowns, unprofitable routes, inadequate fare hikes, and illegal transport operations as key culprits. MSRTC’s fleet has shrunk from 18,500 buses to 14,500, with staff numbers down from over 1 lakh to 87,000. Unaudited losses for FY 2024-25 stand at ₹1,217 crore, with dues exceeding ₹3,500 crore, including ₹1,262.72 crore in PF arrears and ₹821.13 crore in unpaid passenger taxes.

Despite receiving ₹9,922.78 crore in government support over the past four years, including ₹4,708.73 crore during the COVID-19 crisis and a subsequent employee strike, MSRTC’s financial strain persists. The corporation, India’s largest state-run transport body since 1948, plans to introduce 5,300 electric buses, 5,000 LNG, and 1,000 CNG buses, alongside GPS-based tracking apps, digital ticketing, and CCTVs to boost efficiency and safety.

Sarnaik emphasized transparency, stating the white paper aims to inform stakeholders about MSRTC’s dire straits while proposing cost-cutting and revenue-enhancing measures, including fare concessions for long-distance travelers and employee welfare schemes. With 15,764 buses and 213.34 crore passengers in 2024-25, MSRTC’s path to recovery hinges on these reforms, but the road ahead remains steep.

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