'Ulta Chor Kotwal Ko Daante', says FM Nirmala Sitharaman refuting opposition's claim on PSU's

NEW DELHI: In a comprehensive rebuttal to the persistent claims made by the opposition regarding the state of Public Sector Undertakings (PSUs) in India, Finance Minister Nirmala Sitharaman took to her official social media handle on X (formerly Twitter) to present a detailed account of the flourishing state of PSUs under the leadership of Prime Minister Narendra Modi.

In a post made on X, Sitharaman emphasized that the claims of the Indian National Congress (INC) and its leaders, particularly Rahul Gandhi, regarding the dismantling and disarray of PSUs under the current government are baseless.

She stated, "Repeated claims from the INC India ecosystem and Rahul Gandhi in particular that Public Sector Undertakings (PSUs) are being dismantled & are in disarray under the current government are a textbook example of 'Ulta Chor Kotwal Ko Daante.'"

Sitharaman provided a plethora of statistics and examples to illustrate the remarkable transformation and growth of PSUs under the Modi government, contrasting it with the neglect they faced during the Congress-led UPA regime. She highlighted the resurgence of PSUs such as Hindustan Aeronautics Limited (HAL) under the Modi government's leadership.

"Rahul Gandhi had also maliciously attacked Hindustan Aeronautics Limited (HAL). Contrary to his claims, under PM Narendra Modi, HAL's market valuation has skyrocketed by 1370 percent in merely 4 years, rising from Rs 17,398 crore in 2020 to Rs 2.5 lakh crore as of May 7, 2024.

HAL on 31st March 2024 announced its highest-ever revenue of more than Rs 29,810 crore for FY 2023-24 and has a robust order book of over Rs 4,000 crore. These figures hardly suggest a "weakening" institution but rather one experiencing significant fortification," the Finance Minister posted on X. The Finance Minister said that it was the Congress party that left India crippled, relying heavily on imports rather than empowering institutions like HAL.

"Historically, Congress has shown a lack of faith in our nation's scientists and engineers, fostering a dependency on imports that branded India as the world's largest arms importer for many years. It is only under PM Modi that we see a significant shift--turning India from an import-dependent country to one that's now proudly stepping into the role of an arms exporter. The increased defense spending & aim of achieving 'Atma Nirbharta' in Defence has fuelled the growth of PSUs like BEL, HAL, Mazagon Dock, etc. In FY 2023-24 alone, India has reported arms exports worth Rs 21,000 crore.

This achievement showcases our government's robust confidence in our scientists and engineers, a stark contrast to INC India's approach," the FM said. Nirmala Sitharaman also said that the Congress had made false claims also concerning people losing jobs after disinvestment. "Let's take Air India, for example.

It was a precondition of the government to the buyer that there would be NO removal or retrenchment of employees for a period of 1 year. Also, even after 1 year, there will be a voluntary retirement offer before retrenchment on terms no less favorable than maximum benefits. PF and gratuity benefits were also offered as per laws. After a transparent disinvestment, there has been a notable improvement in operations. Air India has seen significant growth in employment opportunities, with over 7500 NEW employees (both flying and ground staff) having joined the company since privatization.

So, far from losing jobs, thousands have joined the company. Air India is set to acquire 470 aircraft from Boeing and Airbus for its fleet expansion at an estimated cost of USD 70 billion," the FM posted on X. "A similar turnaround has happened in NINL (Neelachal Ispat Nigam Ltd) post-privatization. - There has been a perceptible turnaround in the operations of the plant.

The plant started operations within 3 months of acquisition (Oct'22). - The production of Blast Furnace was ramped up to full capacity of 1.1 MTPA within 6 months of startup. The Coke plant has been repaired and has started production in September 2023. A plan is being worked out for expansion from 1 MTPA to 4.8 MTPA. - Not only have the operations improved, the employees have also benefited from the disinvestment.

With disinvestment, the unpaid employee dues of Rs 387.08 crore were paid to them," the FM further added. FM Sitharaman asserted that the claims made by the INC and Rahul Gandhi regarding PSUs are baseless, as the facts reveal a different picture of growth, revitalization, and enhanced performance under the Modi government.