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    Assam Congress opposes GoI’s move for 100% FDI in Petroleum and Natural Gas PSUs

    Bora in a press statement claimed that presently only 49% FDI is permitted through automatic route in public sector oil and natural gas companies without any dilution of domestic equity in the existing PSUs

    Guwahati: Assam Pradesh Congress Committee vehemently opposes PM Modi Government’s recent move for 100% foreign investment policy in Petroleum and Natural Gas PSUs. 

    APCC President Ripun Bora has strongly reacted to the above move of The Commerce and Industry Ministry of India’s draft cabinet note seeking inter-ministerial views on a proposal to allow up to 100% foreign direct investment under automatic route in Oil and Natural Gas public sector undertakings (PSUs) through a statement saying that by such a proposal the BJP 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 Corp Ltd (BPCL).

    Bora in a press statement claimed that presently only 49% 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% FDI in PSU’s where an ‘in-principle’ approval for disinvestment of a PSU has been granted by the government,” said Bora.

    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, alleged Bora.

    “Under such circumstances the day is not far when PSU’s in Assam like Oil Inda Limited and ONGC will not face foreign disinvestment threat. Where is the guarantee that Assam’s resources will not be sold out to foreign companies?” Bora questioned.

    APCC president Ripun Bora further questioned that how can a party like the Bharatiya Janata Party that claim itself of being more nationalist than others can plan and connive to sell India’s assets to foreign companies? Can such acts not be termed as anti-national? A party that pounces on others to declare as anti nationslists at the slightest instance can they now put their hand on their hearts and claim to be nationalists after selling India’s resources one by one to foreign companies? By bringing about 100% FDI in oil PSUs the PM Modi Govt 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 and the Congress Party will fight tooth and nail against such anti-nationlist policies of the BJP Government.

    “The Congress party demands that the Goverment should not give approval to the cabinet note for the 100% FDI in oil PSUs,” added Bora.

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