Mamata Banerjee Slams Centre Over Privatisation Drive; Suggests PM Modi To Conduct All Party Meet

Banerjee's comment came a day after Nirmala Sitharaman-led Finance Ministry approved sale of government's stake in blue-chip oil firm Bharat Petroleum Corporation Limited (BPCL), Shipping Corporation of India (SCI) and onland cargo mover Container Corporation of India (Concor).

By : ABP News Bureau | Updated at : 21 Nov 2019 04:47 PM (IST)

Mamata Banerjee Slams Centre Over Privationsation Drive; Suggests PM Modi To Conduct All Party Meet Mamata Banerjee Slams Centre Over Privatisation Drive; Suggests PM Modi To Conduct All Party Meet

Mamata Banerjee said that privatisation of PSUs was not a permanent solution. (File Photo/ Getty)

Mamata Banerjee slammed Central government for disinvestment in Public Sector Undertakings.

She suggested the central government should hold consultations on the issue.

CCEA has approved strategic disinvestment in five large Public Sector Undertakings.

Kolkata: West Bengal Chief Minister Mamata Banerjee on Thursday slammed Narendra Modi-led Central government for disinvestment of Public Sector Undertakings (PSUs) and the Prime Minster to consult experts and, if need be, call an all-party meeting on the issue. Banerjee's comment came a day after Nirmala Sitharaman-led Finance Ministry approved sale of government's stake in blue-chip oil firm Bharat Petroleum Corporation Limited (BPCL), Shipping Corporation of India (SCI) and onland cargo mover Container Corporation of India (Concor). "Disinvesting the public sector and using the money to manage the immediate crisis is not a permanent and the only solution. You need economic stability for a permanent solution, because otherwise the economic disaster will only intensify," Banerjee told media in Bahrampur of Murshidabad district. She suggested the central government should hold consultations on the issue and consider everybody's opinion in the 'positive sense'. "I think the prime minister should speak to experts in the country on this issue. If need be there should be an all party meeting, the Trinamool Congress (TMC) supremo said. ALSO READ | Govt Approves Biggest Privatisation Drive; To Sell Stakes In Bharat Petroleum, 4 Other PSUs The Cabinet Committee on Economic Affairs (CCEA) approved strategic disinvestment in five large public sector undertakings (PSU) -- BPCL, CONCOR, SCI, THDC and NEEPCO -- along with change in management control in these companies. CCEA approved sale of government's entire 53.29 per cent stake along with transfer of management control in the country's second biggest state owned refiner BPCL after removing Numaligarh refinery from its fold, Finance Minister Nirmala Sitharaman told reporters on Wednesday. ALSO READ | Cabinet Gives Rs 42,000 Cr Cash Flow To Telcos In Two-Year Moratorium It also approved sale of 53.75 per cent out of the government holding of 63.75 per cent stake in SCI and 30.9 per cent stake in Concor. The government currently holds 54.80 per cent in Concor. Besides, the government will sell its entire holding in THDC India and North Eastern Electric Power Corp Ltd (NEEPCO) to state power generator NTPC Ltd, the finance minister said. In a parallel move, the Cabinet has approved reducing government's stake in select PSUs such as Indian Oil Corp (IOC) to below 51 per cent while continuing to retain management control. The management control will continue to be retained with the government after considering equity held by other state-run companies in the divested firm.