30 Wednesday Sep 2015
Posted in PSU
12 Sunday Jan 2014
Tags
Unable to meet the Disinvestment target of Rs.40,000 crore this financial year, the government has started harassing the PSUs to somehow get the money from them. Disinvestment in coal could not take place due to the strong opposition from the workers. Now the disinvestment in IOC also could not take place.
In this situation, the government is asking all the cash rich PSUs to provide funds to the government either through disinvestment, ross-holding or special dividend.
This has been what happened to BSNL also. The government took away all the cash through Spectrum charges, notional loan, interest and so on. Now BSNL is not having funds to expand and even to pay the wages of the employees. The government wants all the PSUs to reach that position so that privatisation will be easy and the corporates and big business can maximise their profits.
24 Tuesday Dec 2013
Posted in PSU
The Central Government is thinking of taking the cash surplus of the profitable PSUs by ordering higher % of dividend to them. These PSUs include BEL, BHEL, Coal India, BPCL, Gail, MMTC, NALCO,NLC,NTPC, Oil India, ONGC etc.
The Government is expecting about Rs. 27,000 crore more as dividend from these PSUs in addition to the Rs. 37,000 they are liable to pay.
The policy of the government is intended to divest all the cash surplus of the Profitable PSUs. The cash surplus of Rs. 40,000 crore with BSNL was taken over by government in the name of spectrum charges, notional loan etc. by the government. Now in the other PSUs it is increasing the % of dividend. Once any PSU becomes sick, then there is no help, though it is the policy and action of the government which made it loss making.
Whatever be the name of taking the money from the PSUs, the main intention is to make the PSUs sick. Of course the government will get the money also.
This anti-PSU policy has to be opposed and defeated by the people.
17 Sunday Nov 2013
The PSUs are always ridiculed as making losses, a burden on the government and the tax-payers etc. and demanding that they should be privatised. This is the policy of the government in line with its neo-liberal directions.
But what is the truth? A good number of PSUs are profit-making and a good amount is paid to the government as Dividend by these companies. The government has got Rs. 55,000 crore Dividend for the year 2012-13 from the PSUs and it expects Rs. 73,000 crore this year. The dividend paid by the top 10 PSUs for 2012-13 is given below:
Coal India : Rs.8842.9 crore
ONGC : Rs. 8,127.7 crore
NTPC : Rs. 4,741.1 crore
SBI : Rs. 2,838.7 crore
NMDC : Rs. 2,775.3 crore
Oil India : Rs. 1,803.4 crore
IOC : Rs. 1,505.3 crore
BHEL : Rs. 1,323.0 crore
Power Grid : Rs. 1,273.1 crore
GAIL : Rs. 1,217.7 crore
Now, the Finance Minister has again called upon the PSUs to give more % of Dividend to the Government. This is but nothing trying to cripple the PSUs, as it has already in the case of BSNL by taking away all the surplus of the company by hook or crook.
The anti-PSU policy and actions of the government should be thoroughly exposed and the PSUs strengthened.
24 Monday Jun 2013
Posted in PSU, Uncategorized
PSUs are milching cows for the government. BSNL may be in loss for the last four years due to the neo-liberal policies and inefficient management, but there are many other PSUs which are still making good profit. The following 10 PSUs have given a total amount of Rs. 36,441.74 crore dividend to the government in 2012-13. This is more than Rs. 4,507.64 crore paid in 2011-12, which was Rs. 31,934.10 crore.
Coal India Rs. 8,842.90 crore Indian Oil Corpn Rs. 1,505.33 cr.
ONGC Rs. 8,127.74 crore BHEL Rs. 1,324.15 cr
NTPC Rs. 4,741.14 crore GAIL Rs. 1,217.74 cr.
NMDC Rs. 2,775.29 crore Power Fin. Corpn Rs. 924.01 cr.
Oil India Rs. 1,803.42 crore SAIL Rs. 826.11 cr.
Total Rs. 36,441.74 crore.
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