26 May 2005

Press Statement

The Polit Bureau of the Communist Party of India (Marxist) has issued the following statement:

The Polit Bureau of the CPI(M) strongly opposes the Cabinet decision to offload 10 per cent of the government’s equity in Bharat Heavy Electricals Ltd (BHEL).

BHEL is a navaratna public sector unit which is making significant profits in a competitive environment.  BHEL significantly contributes to  strengthening India’s economic self-reliance.  The National Common Minimum Programme on whose basis this UPA government is meant to function, clearly states that the UPA government will encourage and strengthen the navaratnas to become global players.  The NCMP also categorically states that the government shall not disinvest/privatise the profit-making public sector undertakings.  

In the light of these commitments made in the NCMP, the CPI(M) considers this Cabinet decision to be directly contradictory. 

The PB of the CPI(M) calls upon the UPA government to reconsider this decision keeping in mind the widespread protest amongst the people that this decision will generate.  The UPA government must instead take measures to strengthen the public sector as committed in the NCMP.