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VSP privatisation: Modi killing golden goose?

VSP privatisation: Modi killing golden goose?

Rashtriya Ispat Nigam Limited (RINL), better known as Visakhapatnam Steel Plant, continues to create new records in steel production, but the Narendra Modi government is hell bent on privatising the four-decades old steel plant, caring a damn for the strong opposition from the government, opposition and people of Andhra Pradesh.

According to the latest statement from the RINL management on Wednesday, the steel plant put up a stellar performance in the month of July, registering highest ever production since its inception – 2,66 lakh tonnes of liquid steel and 2.58 lakh tonnes of crude steel.

It recorded a monthly sale of 540.8 thousand tonnes with a growth of 38 per cent more than 390.5 thousand tonnes of steel in the same month last year.

The steel plant achieved an outstanding growth of 77 per cent in April-July in domestic steel sales volume of 1,122 thousand tonnes, as against 634 thousand tonnes of the same period last year.

The monthly export sales turnover clocked the best ever figure of Rs 827 crore, as against the previous best of Rs 636 crore in September, 2020.

“There is an impressive growth of 121% in April-July total sales turnover of Rs 7958 crore, as against Rs 3607 crore of the same period last year. There is a significant growth of 110% in July of the turnover of Rs 2,735 crore against Rs 1,301 crore last year.

The RINL statement on Twitter evoked congratulatory messages and at the same time, criticism against the Centre.

“Kudos to the fraternity of RINL. Our actions speak louder than words. We were and we are the best steel makers in the country. Only thing we lack is captive mines; else, we would emerge as No. 1 in this country. Vizag steel is pride of India,” said a comment from Visakhapatnam Citizens Forum.

“Will it be an eye opener for the Centre,” asked another netizen.

However, the Centre made it clear once again that there is no question of going back on the privatisation of the Vizag steel plant.

“It is our policy decision to privatise public sector undertakings like Vizag Steel Plant. If it is not possible, we shall wind them up permanently,” the Centre declared in Rajya Sabha on Wednesday.

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Tags: Vizag Steel