Modi killing public sector for capitalists: Congress

New Delhi, Apr 5 (IANS): The Congress on Thursday said that the Narendra Modi government is killing the public sector enterprises one after another to benefit Prime Ministers "capitalist friends".

"The suit-boot-loot Modi government bails out select crony companies but has left the largest public sector telecom company Bharat Sanchar Nigam Ltd (BSNL) and its sister company Mahanagar Telephone Nigam Ltd (MTNL) in dire straits," Congress spokesman Randeep Singh Surjewala said here.

"ILFS, which now has a debt of one lakh crore rupees due to the economic mismanagement and financial bungling of the Modi government, is being saved through state-owned Life Insurance Corporation (LIC) and public sector banks. Similarly, the public money of ONGC (Oil and Natural Gas Corporation) was used to buy out a Rs 20,000-crore scam-ridden collapsing GSPC for Rs 7,700 crore," he said.

He added that hard earned savings of 38 crore LIC policyholders worth Rs 9,000 crore was used to save IDBI Bank, while India's leading public sector banks including State Bank of India and others were used by PM Modi to "bail out" a bankrupt private company Jet Airways.

"Now BSNL and MTNL are facing the financial wrath of pro-rich, anti-people Modi government. BSNL employs 174,312 people and MTNL employees about 45,000 people. The board of BSNL has reportedly approved the proposal to lay off over 54,451 employees.

"The board has accepted three suggestions that will destroy the future of 54,000 families -- reduction in retirement age from the existing 60 years to 58 years, Voluntary Retirement Scheme (VRS) and blocking allocation of 4G spectrum to BSNL," Surjewala said.

"For the first time we witnessed that a large number of BSNL and MTNL employees were not given salaries for months. According to information in public domain, both BSNL and MTNL were unable to pay salaries to their employees for the month of February. Modi government's policy to help private telecom giants has resulted in financial chaos in BSNL and MTNL," he added.

Surjewala said that while private telecom players are pumping money into their operations through "unfettered" bank loans, the BSNL has been "barred by the government" from taking any loans.

"In addition, the government has not yet provided 4G spectrum to BSNL. On April 6, the licence of MTNL shall be cancelled if it doesn't pay a whopping Rs 11,000 crore to renew its license via TRAI. MTNL has 7.7 lakh broadband users whose services might get jeopardized.

"Will PM Modi save and bail out state-owned BSNL and MTNL or will he only do it for cronies?" he said.


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Comment on this article

  • Af,,, Mangalore

    Fri, Apr 05 2019

    List of public sector companies under red list .and one day these companies is under Ambani or Adani.
    BSNL.MTNL,BEML, BEL, HAL, wake up karnataka left out is only chembu.

    DisAgree Agree [4] Reply Report Abuse

  • Sahil, Mangaluru

    Fri, Apr 05 2019

    5 years Gujarati looted India. Even British never looted such a big amount. Iam sure if congress elected everybody will land in jail. Including PM. Hamein kya ji jola leke chal pade ji. But people will not allow you to chal pade ji

    DisAgree Agree [4] Reply Report Abuse

  • vasu, Mangalore

    Fri, Apr 05 2019

    Anil ambani assets decline from 30 billion to 300 million.....How will he feel when Rahul goes everywhere and tells people your money has been taken by Anil Ambani Hahaha

    DisAgree [4] Agree [1] Reply Report Abuse

  • David Pais, Mangalore

    Fri, Apr 05 2019

    chor chowkidar destroyed india's economy & looted india & its citizens 4 capitalists.

    DisAgree Agree [5] Reply Report Abuse

  • Anonymous, Mangalore

    Fri, Apr 05 2019

    Vijaya bank ,Dena bank merged with gujju bob.Next victim from dk may be Corp bank,Synd bank or Canara bank... Soon Adani may Bob...
    Wah.. what a achhe din..!

    DisAgree Agree [4] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Fri, Apr 05 2019

    MTNL & BSNL is replaced by Reliance Jio.
    HAL was ignored & Rafael contract was handed over to Reliance Defense.
    IOL & BPCL at Airports is replaced by Reliance Petroleum .
    Adani has taken over 5 Airports.
    Mera Desh Badal Raha Hai ...

    DisAgree Agree [9] Reply Report Abuse

  • Beowulf, Mangalore

    Fri, Apr 05 2019


    You are a fool if you think HAL has the capability to manufacture Rafael. HAL cannot even manufacture Tejas on time what do you think will happen if they are given the responsibility of building Rafael??

    Capitalism isnt bad. it has brought so many Indians out of poverty. We need to privatize everything. that the way forward.

    DisAgree [4] Agree [1] Reply Report Abuse

  • anthony, Mangalore

    Fri, Apr 05 2019

    No doubt the Modi Gove is a Pro Rich Suit Boot Ki Sarkar. Totally Anti Poor, Anti Middle Class, Anti Farmer, Anti Lower Class, Anti Public Sector name what you. A Disaster for the country.

    Modi Bhai Your Jhumla will not work anymore. "You first answer what has your government done in five years.".

    "This government has been a failure on all fronts and has inflicted pain and misery on the people through its reckless decisions of demonetisation and hasty imposition of a flawed GST, demonetization and GST disrupted the economy, trade and industry, led to closure of lakhs of factories and tens of millions of workers lost their jobs and livelihood. The unprecedented joblessness, agrarian crisis and distress of farmers and agricultural laborers are issues of grave national concern. The Modi government is guilty of monumental mismanagement of the Indian economy.

    No accountability at all for corruption during the last five years. Corruption has become rampant across the country. After the next Govt is formed all the skeletons in the BJP vast array of hidden cupboards will be exposed including the Rafale Scam.

    Modi Sarkar Ko Hatao. Desh Ko Bachao. They should also be made accountable for over 100 deaths in ATM Ques after the Demoitisation.

    DisAgree Agree [5] Reply Report Abuse

  • flavian dsouza, chik/bengaluru

    Fri, Apr 05 2019

    All to help JIO ….BSNL AND MTNL is finished off …
    SC and CBI should investigate this case of nepotism ..

    DisAgree Agree [8] Reply Report Abuse

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