Buzzing stocks: Left parties oppose government’s decision to sell off stake in BEML

As the centre is planning to raise funds worth Rs 1,000 crore by selling its stakes in the state-owned defence enterprise BEML, the Left parties reached out to the other opposition members to voice their disapproval regarding the matter.

CPI(M) MP and CITU General Secretary Tapan Sen called out the government’s move to wind up ordnance factories and defence PSUs as ‘thoroughly anti-national’ in Wednesday’s Rajya Sabha session. Sen further added that privatisation and sale of national assets has become the trademark of the central government’s policy, while, ironically the centre has been chanting nationalistic slogans.   

The vulnerable sector, as defence is, the rest of the opposition also questioned the government’s policy heading towards privatisation in the defence sector and giving up indigenous ammunition and spare parts production capacity.   

The CPI(M) MP in Lok Sabha, MB Rajesh, who is also the president of BEML Employees Union had earlier raised the issue in the Budget session of Lok Sabha. In reply to which the Finance Minister had written to him that the procedures before the disinvestment has been going on, on completion of which, the matter will be under the centre’s consideration.

The workers of BEML had gone on a one-day protest strike in May, against the government’s decision to sell off the PSU.

The stock price of BML fell intraday on July 20, down by 0.43 per cent to Rs 1534.20 at 1300 hrs IST.