STOCK MARKET BSE NSE

Narayanasamy justifies decision

Published: 24th June 2013 10:17 AM  |   Last Updated: 24th June 2013 10:17 AM   |  A+A-

Justifying the disinvestment of 5% shares of Neyveli Lignite Corporation, Union minister V Narayanasamy said the agitation against the move was to gain political mileage.

Addressing reporters on Sunday, he said there was no justification for the opposition against the disinvestment and the trade unions and political parties should give up their agitation against it.

Pointing out that Tamil Nadu Chief Minister J Jayalalithaa and DMK leader M Karunanidhi had written to the Centre opposing it, he said that there was nothing new in the disinvestment move, as the 3% to 5% shares of the public sector companies  like ONGC, IOC, Steel  Authority of India were disinvested in the past.

He added that the funds received from disinvestments were utilized for the development of the firms and also utilized by the central government to implement various welfare and development schemes for the country.

The Central Government was blamed by parties for political gains.

There was no justification for  opposing it and trade unions must give up their agitation, he said

It may be recalled that the Cabinet Committee on Economic Affairs has cleared the disinvestment of 5% (nearly `446 crore) of the NLC shares.

PMO countered

Tamil Nadu CPM State Secretary G Ramakrishnan, who was here on Sunday, said that Union Minister of State for PMO Narayanasamy’s reasoning for NLC  disinvestment, that the money derived would be used for development and welfare schemes, was not justified.

He said that the Central Government had given big corporates and multinational companies huge tax exemptions in the budget. The government could easily raise the amount by taxing these corporates, Ramakrishnan said.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp