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RSS economic wing SJM opposes Centre's decision of strategic disinvestment in state-run enterprises

Press Trust of India  |  New Delhi 

The economic wing of the RSS has opposed the Centre's decision of strategic disinvestment in state-run enterprises, saying it is against national interest and result of cahoots of certain consultants, bureaucrats influenced by some business houses.

The Swadeshi Jagran Manch (SJM) passed a resolution in this regard at its meeting on Sunday in Haridwar.

It is time to resist such moves as strategic sales are prone to infect corrupt practices to benefit the particular business houses, the SJM said.

The Modi government has decided strategic sales in public sector enterprises (PSE)s, including in profit-making Bharat Petroleum Corporation Limited (BPCL), to meet its disinvestment target, which would make for shortfall in tax collection and manage the fiscal deficit, it said.

Opposing the disinvestment of BPCL, the SJM in its resolution said the strategic disinvestment of BPCL is certainly not a good business decision. The second largest PSE oil marketing company is regularly reporting profits.

Rumors are; the Saudi Aramco is eyeing these assets. This is not only unacceptable but also dangerous. The asset created with the national sentiments and hard work shouldn't land up in the lap of the foreign oil companies- who see these assets only as a statistic to swell their valuation, it said.

The strategic disinvestment of Public Sector Enterprises (PSEs) is not only an imprudent business decision, but is also against the national interest, the resolution reads.

Giving the rationale behind opposition of disinvestment, SJM said it not only denies the people of India the real owners of PSEsthe fair value of the assets and capital investments, but it also brings in unfair advantage for those who intend to buy.

It also opposed the strategic disinvestment of loss making national carrier Air India and state-run BSNL while underlining such PSEs which are required for the strategic needs of the country.

Air India requires restructuring and professional management, not disinvestment. These are not emotional positions, but a pure business requirement, SJM said.

It also called for national debate on the disinvestment in the profitable PSEs and demanded that white paper is needed on the previous disinvestment of HPCL.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 02 2019. 21:20 IST
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