Date:11/05/2008 URL: http://www.thehindu.com/2008/05/11/stories/2008051159831100.htm

National

UPA committed to public sector, says Chidambaram

Staff Reporter

VISAKHAPATNAM: In a proof of its commitment to the public sector, the United Progressive Alliance government has revived 29 ailing public sector enterprises during the past four years, the latest being Bharat Heavy Plate and Vessels (BHPV) here, Union Finance Minister P. Chidambaram said on Saturday.

Delivering the presidential address at a public meeting held here to mark the takeover of BHPV by Bharat Heavy Electricals Limited, Mr. Chidambaram said the UPA government was a ‘caring one’ unlike the NDA government, and did not want PSEs to perish for want of support. Mr. Chidambaram said that the UPA government had revived the 29 PSEs by infusing funds to the tune of Rs.13,500 crore.

Union Minister for Heavy Industries Santosh Mohan Dev recalled the turnaround achieved by the Visakhapatnam Steel Plant (VSP) after it was given the revival package during the mid-1990s.

Chief Minister Y.S. Rajasekhara Reddy predicted a bright future for BHPV post merger on the lines of the VSP. He promised to take up wage revision and other demands of employees with the Centre.

BHEL CMD K. Ravi Kumar said that with a capital expenditure of Rs.236 crore, spread over three years, BHPV’s turnover was expected to cross Rs.1,000 crore in five years.