New Delhi: The Communist Party of India –Marxist (CPM) on October 4 opposed the government's proposal to privatise Indian Oil Corporation (IOC), saying the move amounted to "unbridled loot".

"The decision of the Cabinet Committee on Disinvestment (CCD) to privatise IOC is shocking. The destruction of such a valuable public asset is nothing but unbridled loot," CPM said in a press statement.

"The Disinvestment Minister is converting India's self-reliance into the Vajpayee government's 'self' and 'Reliance'," it said.

IOC was one of the best-run public sector units in the country, it said. "In 2002-03, IOC contributed Rs 33,007 crore to the national exchequer. It paid a whopping 160 per cent dividend and its net profit for the year was Rs 6,579 crore."

"That privatisation will increase competition and contribute to the overall economy is a myth that is being assiduously created by this Vajpayee-led government to facilitate the loot of public assets," the party said.

The Left party said India's largest private sector firm Reliance Industries Ltd (RIL) paid to the government exchequer Rs 10,000 crore in taxes which was less than one-third of what IOC contributed in the same year.

"RIL has reserves and surpluses of Rs 28,978 crores while that of IOC are Rs 14,532 crores. Clearly, with double the surpluses, the RIL contributes less than one-third to the national exchequer than the IOC," it said.

CPM accused the Vajpayee government of "virtually killing the goose that lays the golden egg".

PTI

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