GUWAHATI, June 21: The Assam Pradesh Congress Committee (APCC) has appealed to the Centre not to give approval to the draft Cabinet note seeking inter-ministerial views on a proposal to allow up to 100 percent foreign direct investment (FDI) under automatic route in oil and natural gas public sector undertakings (PSUs).
Reacting strongly on the Union commerce and industry ministry’s draft Cabinet note, Assam PCC president Ripun Bora stated that “by such a proposal the BJP government is all out to sell the nation’s resources, starting with the sale and privatisation of India’s second biggest oil refinery, Bharat Petroleum Corporation Ltd (BPCL).
Presently only 49 percent FDI is permitted through the automatic route in public sector oil and natural gas companies without any dilution of domestic equity in the existing PSUs.
But now a new clause has been proposed to be added that would allow 100 percent FDI in PSUs where an ‘in-principle’ approval for disinvestment of a PSU has been granted by the government.
The government is already privatising BPCL and is selling its entire 52.98 per cent stake in the company.
Expression of Interest has already been floated by giant oil conglomerates such as Adani Group’s Vedanta along with two other bidders.
“Under such circumstances the day is not far when PSUs in Assam like Oil India Limited and ONGC will face foreign disinvestment threat. Where is the guarantee that Assam’s resources will not be sold out to foreign companies? Bora asked.
“By bringing about 100 percent FDI in oil PSUs the Modi government is lying prostrate at the feet of the giant corporates of India and abroad. The resources that were built with intention of creating wealth for the people of India are now being sold one by one by the Modi-led BJP government. But the Congress will fight tooth and nail against such anti-nationalist policies,” the Congress leader claimed.
IANS
