VISAKHAPATNAM: YSRC MP V Vijayasai Reddy on Wednesday urged Finance Minister Nirmala Sitaraman to reconsider its decision to privatise the Vizag steel plant. During a discussion on the Finance Bill in the Rajya Sabha on Wednesday, Vijayasai said employees, people and workers were agitating against the proposal for the last 40 days. In fact, the steel plant earned profits from 2002 to 2015 and it incurred losses later. He said the steel plant took bank loans for expansion of the plant to increase its production capacity. During the period, the international steel market was under stress and it caused losses to the plant also, he pointed out.
Besides, the absence of captive mines forced the VSP to procure iron ore at market rate and this is also one of the main reasons for the losses suffered by steel plant, he said. It is unfair to privatise the plant citing the losses suffered only for a few years, he said.The YSRC MP urged the Finance Minister to initiate necessary steps to help the steel plant come out of crisis.
Captive mines should be allocated to the plant, he demanded. He said the steel plant was dear to the people of Andhra Pradesh and finance minister Nirmala Sitharaman was aware of this. “The steel plant is a symbol of the history of agitation. The plant was set up after sacrifices made by 32 people. I appeal to the minister, don’t hurt the emotions of people,” the MP said.
He alleged that gross injustice was done to the southern states in allocation of funds by the 15th Finance Commission. He also appealed to the finance minister to fulfil the promises made under the AP Reorganisation Act.
INTUC team meets CM
A delegation of INTUC leaders, led by its national president G Sanjeeva Reddy, met Chief Minister YS Jagan Mohan Reddy in Vijayawada on Wednesday. “Many employees will lose their jobs if the VSP is privatised,” the president of INTUC, the trade union wing of the Indian National Congress, said.