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Central Government Planning To Disinvestment Of Ongc, Economic Experts Are Calling It A Wrong Decision From The Point Of View Of Energy Interests Of The Country – Ongc: Why is the government bent on selling the most ‘earning pot’? Experts are considering giving it in private hands as a strategic mistake

Summary

The employees allege that an attempt is being made to sell it to a private company. First ONGC was forced to buy a loss making company in Gujarat, then tried to show it in a profit position by linking it with itself and now preparing to sell it to a private company in power sector . Employees are seeing this whole incident as a conspiracy to benefit a private company.

Oil and Natural Gas Corporation (ONGC) reported highest net profit of Rs 18,347 crore for any other Indian company in the second quarter of this year. In this way, this company can be called the highest earning company of the country. But even after this, the government has decided to disinvest it. The central government, in a letter on October 28, had asked ONGC to hand over 60 per cent of the total production of Mumbai High and Basin fields to private companies. This has caused great resentment among the employees of the company. They are appealing to the government to withdraw this decision.

conspiracy to benefit private company

In a letter to Union Petroleum Minister Hardeep Singh Puri, an organization of 17,000 employees of ONGC has said that the company is in very good financial condition and should not be handed over to the private sector. This could seriously injure the company’s employees as well as the energy interests of the country’s strategic importance. Amar Nath, who was the leader of the organization and additional secretary in the ministry, has called it a big mistake of the government.

The employees allege that an attempt is being made to sell it to a private company. First ONGC was forced to buy a loss making company in Gujarat, then tried to show it in a profit position by linking it with itself and now preparing to sell it to a private company in power sector . The employees are seeing this whole incident as a conspiracy to benefit a private company.

The Mumbai High and Basin fields of ONGC, which the central government has planned to sell to private hands, alone account for 63 per cent of the company’s production and about 40 per cent of the country’s oil and gas. Thus handing over only this sector to private hands means handing over half the capacity of the country’s oil-gas production sector to the private sector. Economic experts are calling it a wrong decision from the point of view of energy interests of the country.

How is the position of the company

ONGC has informed BSE about its financial position that in the first half (April to September) of this year, the company had made a net profit of Rs 22682.48 crore, which was Rs 3254.35 crore in the same period last year (but Corona period). Rs. The company posted a net profit of Rs 18,347.73 crore in the July-September quarter. During the same period in the previous year, the company had made a profit of Rs.2757.77 crore. The company had made a net profit of Rs 11246.44 crore during the last financial year.

government not for business

At the same time, a national spokesperson of BJP, knowledgeable in economic matters, said that it is a big controversial question whether the government should be in the business of any commodity including oil and gas or not. He said that when the country became independent, the country’s private sector was relatively weak. He was not in a position to invest money in large areas as these sectors demand huge capital which the biggest industrialist was not able to provide. That is why the government invested in many sectors keeping in mind the urgent needs. Somewhere alone, somewhere through corporations and somewhere through cooperative medium, industries were promoted. This was the need of the time.

But now our country’s private sector is in a very strong position and is setting up the biggest companies in the world, giving them tough competition, buying foreign companies and investing in foreign stock markets. So now there is no justification for the government to continue in these areas. The job of the government is to fulfill administrative, judicial and security related responsibilities, it is not expected to do business.

He said that the previous governments used to sell corporations when they were running in losses. This reduces their market value and gives the government a relatively small amount, whereas if they are sold at a profit, the government can get a better income. The government has set a target of raising financial resources by disinvesting these companies in the current financial year, the government is selling these companies. This is a policy decision.

Expansion

Oil and Natural Gas Corporation (ONGC) reported highest net profit of Rs 18,347 crore for any other Indian company in the second quarter of this year. In this way, this company can be called the highest earning company of the country. But even after this, the government has decided to disinvest it. The central government, in a letter on October 28, had asked ONGC to hand over 60 per cent of the total production of Mumbai High and Basin fields to private companies. This has caused great resentment among the employees of the company. They are appealing to the government to withdraw this decision.

conspiracy to benefit private company

In a letter to Union Petroleum Minister Hardeep Singh Puri, an organization of 17,000 employees of ONGC has said that the company is in very good financial condition and should not be handed over to the private sector. This could seriously injure the company’s employees as well as the energy interests of the country’s strategic importance. Amar Nath, who was the leader of the organization and additional secretary in the ministry, has called it a big mistake of the government.

The employees allege that an attempt is being made to sell it to a private company. First ONGC was forced to buy a loss making company in Gujarat, then tried to show it in a profit position by linking it with itself and now preparing to sell it to a private company in power sector . The employees are seeing this whole incident as a conspiracy to benefit a private company.

The Mumbai High and Basin fields of ONGC, which the central government has planned to sell to private hands, alone account for 63 per cent of the company’s production and about 40 per cent of the country’s oil and gas. Thus handing over only this sector to private hands means handing over half the capacity of the country’s oil-gas production sector to the private sector. Economic experts are calling it a wrong decision from the point of view of energy interests of the country.

How is the position of the company

ONGC has informed BSE about its financial position that in the first half (April to September) of this year, the company had made a net profit of Rs 22682.48 crore, which was Rs 3254.35 crore in the same period last year (but Corona period). Rs. The company posted a net profit of Rs 18,347.73 crore in the July-September quarter. During the same period in the previous year, the company had made a profit of Rs.2757.77 crore. The company had made a net profit of Rs 11246.44 crore during the last financial year.

government not for business

At the same time, a national spokesperson of BJP, knowledgeable in economic matters, said that it is a big controversial question whether the government should be in the business of any commodity including oil and gas or not. He said that when the country became independent, the country’s private sector was relatively weak. He was not in a position to invest money in large areas as these sectors demand huge capital which the biggest industrialist was not able to provide. That is why the government invested in many sectors keeping in mind the urgent needs. Somewhere alone, somewhere through corporations and somewhere through cooperative medium, industries were promoted. This was the need of the time.

But now our country’s private sector is in a very strong position and is setting up the biggest companies in the world, giving them tough competition, buying foreign companies and investing in foreign stock markets. So now there is no justification for the government to continue in these areas. The job of the government is to fulfill administrative, judicial and security related responsibilities, it is not expected to do business.

He said that the previous governments used to sell corporations when they were running in losses. This reduces their market value and gives the government a relatively small amount, whereas if they are sold at a profit, the government can get a better income. The government has set a target of raising financial resources by disinvesting these companies in the current financial year, the government is selling these companies. This is a policy decision.

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