Press Statement

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

The CPI(M) has all along been opposed to the demolition of the public sector undertaken by this Vajpayee government with a vengeance. Further, the manner in which the disinvestment is being done is handing over on a platter the valuable public assets to the private sector. Blue-chip profit making public sector undertakings are virtually being sold for a song.

The Polit Bureau of the CPI(M) demands that the Cabinet Committee on Disinvestment meeting tomorrow should not proceed with the disinvestment of Bharat Petroleum Company Limited (BPCL) and Hindustan Petroleum Company Limited (HPCL).

The manner in which the petroleum sector is being disinvested runs contrary even to the government’s own logic of breaking up monopolies. The public sector giant (IPCL) has been bought by the private sector giant, Reliance industries. The policy of not allowing PSUs like the Indian Oil Corporation to bid in the process of disinvestment of BPCL and HPCL only confirms that the government is actually creating giant monopolies in the private sector.

The country and the people are watching to see if the BJP allies in the NDA will atleast now stand up to halt this operation demolition of the public sector, or, will they once more, meekly tail the BJP.