The decision of Arcellor-Mittal to pull out of the MoU signed by the com¬pany with the State Govern¬ment has exposed the hol¬lowness of the industrial policy of the State Govern¬ment, said former Odisha Pradesh Congress Commit¬tee (OPCC) president Niran¬jan Pattnaik. Speaking to mediapersons at Keonjhar Congress Bha¬wan, Pattnaik said this is the largest withdrawal of foreign direct investment in India amounting to nearly Rs 50,000 crores and will have serious implications on the economy of the State and the nation. The company and the Government are blaming each other for the failure in setting up a 12-million tonne steel project in Patana tehsil of Keonjhar district as per the MOU signed in Decem¬ber 2006, the Congress lead¬er said. Amidst the blame game, it is the people of Keonjhar who have suffered the most and feel betrayed by lack of sincerity on the part of the BJD Government in giving Keonjhar a major industry, he added. The former OPCC presi¬dent also said the Govern¬ment had signed a record number of MoUs for setting up industries. Though the companies were assured of land, mining leases and ad¬ministrative support, the Government did not take any step in this regard, he add¬ed.