Now, Swadeshi Jagran Manch ups ante against govt divestment plan

The SJM has reasoned that if the government has to raise funds through divestments, then the best route is to offload stakes on the stock market.

Published: 02nd December 2019 12:33 PM  |   Last Updated: 02nd December 2019 12:33 PM   |  A+A-

Ashwani Mahajan, chief of the Hindu nationalist Rashtriya Swayamsevak Sangh's (RSS) economic group Swadeshi Jagran Manch (SJM). (Photo: Reuters)

By Express News Service

NEW DELHI: After testing success with campaign against “Regional Comprehensive Economic Partnership (RCEP)”, the Rashtriya Swayam Sewak Sangh (RSS) affiliate Swadeshi Jagran Manch (SJM) has upped the ante against the government’s divestment plan, while referring to “the rumour of Saudi Aramco eyeing the BPCL” as dangerous and against India’s national interest.

The national council of the SJM in its meeting at Haridwar on Sunday adopted the resolution demanding a national debate on the proposed divestment of the profit-making public sector enterprises (PSEs). The SJM flagged that a few of the corporate entities are eying the profitable PSEs, while expressing concerns that such units may be offered at throwaway prices to the corporate entities, including the multi-national corporations (MNCs).

The SJM has reasoned that if the government has to raise funds through divestments, then the best route is to offload stakes on the stock market.

“The example of Hindustan Zinc’s profits multiplying multiple times after its privatization is a misfit. Bharat Petroleum Corporation Limited (BPCL) is already operating in a liberalized environment and is a professionally-run organisation. From product pricing to operations, the management is of international standards. If the government wants to reduce their equities, the best place to execute this is the stock market,” read out the resolution passed by the SJM.  

In the second tenure of the Narendra Modi government, the SJM has emerged as a sharp critic of its economic policies.

The RSS affiliate has taken up a firm stand against NITI Aayog for advocating aggressive privatization of the PSEs, with the resolution calling for junking of the recommendations of the think tank panel.

‘Not a great business decision’
The Swadeshi Jagran Manch argued against divestment of Shipping Corporation of India and Container Corporation of India


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