Assam Pradesh Congress Committee Opposes the Proposal for 100% FDI in Oil PSUs

STAFF REPORTER

GUWAHATI: The APCC (Assam Pradesh Congress Committee) has vehemently opposed the Central government's recent move for a 100 per cent foreign investment policy in petroleum and natural gas PSUs (Public Sector Undertakings).

APCC president Ripun Bora strongly reacted to the Commerce and Industry Ministry of India's draft cabinet note seeking inter-ministerial views on the proposal to allow up to 100 per cent foreign investment in oil and gas companies. The Congress party demanded that the government should not approve the cabinet note. Through a statement, Bora said that by such a proposal the BJP (Bharatiya Janata Party) government is all out to sell the nation's resources starting with the sale and privatization of India's second-biggest oil refinery the Bharat Petroleum Corporation Limited (BPCL).

"Presently only 49 per cent FDI is permitted through 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 per cent FDI in PSUs where an 'in-principle' approval for disinvestment of a PSU has been granted by the government," said Bora.

He alleged that the government is already privatizing 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 like Adani Group's Vedanta along with two other bidders. Now the question arises how can a party like the BJP (Bharatiya Janata Party) that claim itself of being more nationalist than others can plan and connive to sell India's assets to foreign companies?" Bora questioned. Further, he alleged that by bringing about 100 per cent FDI in oil PSUs, the Central 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 BJP government and the Congress will fight tooth and nail against such anti-nationalist policies," Bora added.

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