Telangana: Sridhar Babu Opposes the Centre Move to Raise Rs 50,000 Cr by Disinvestment of PSUs

Hyderabad: Union finance minister Nirmala Sitaraman proposing in the Union budget to raise Rs.50,000 crore by disinvestment of public sector units in the current financial year is the most cruel act, observed minister for IT and Industries D. Sridhar Babu.

In a statement, Sridhar Babu said the BJP after coming to power had not set up a single public sector unit, but was selling the profit-making units founded during the Congress governments at the Centre. Besides banks, the PSUs had made Rs.2,64,000 crore profits in the last financial year.

The banks were nationalized by then Prime Minister Indira Gandhi and they gave Rs.2.11 lakh crore dividend to the government, he pointed out

Selling the profit-making public sector units to private companies meant giving them at a cheap cost since many loss -making PSUs have thousands of crore rupees worth assets, The Congress will not keep quiet if the Centre tries to weaken 13 Maharatna, 14 Navaratna and 72 Miniratna PSUs, Sridhar Babu warned.