The government of India on Wednesday offered 76% stake of the national carrier Air India to potential bidders in strategic disinvestment amidst opposition from within as well as opposition parties. Congress leader and advisor to UPA chairman Sonia Gandhi, Ahmed Patel expressed his ‘shock’ at the disinvestment proposal.
Shocked to hear the terms of the Air India privatisation. Govt will sell 76% equity but will retain 52% of the company’s debt? Isn’t this a complete sell out designed to benefit certain private agents?
— Ahmed Patel (@ahmedpatel) March 28, 2018
However, soon enough, Patel got slammed by Twitterati who showed him the mirror that it was actually under UPA that Air India mounted the huge debt. Former Executive Director of Air India, Jitender Bhargava, who has also authored the book ‘The Descent of Air India’, chronicling the financial downfall of the public sector airline, blamed Congress for putting the airline in ‘pathetic financial situation’ through flawed decisions of the UPA.
Please check with economist Manmohan Singh if any one would buy Air India with the entire debt passed on? At least have some guilt of having put Air India in the pathetic financial situation through flawed decisions under UPA. @suhelseth https://t.co/zw6VXBZmRL
— Jitender Bhargava (@JitiBhargava) March 29, 2018
He even said that Patel is being critical of the disinvestment decision without understanding the magnitude of the problem, which was created by his government itself.
Criticism for the sake of criticism, without understanding the magnitude of the problem – all created by his government. https://t.co/IaPLYWlaL5
— Jitender Bhargava (@JitiBhargava) March 29, 2018
Journalists, too, questioned Patel whose government took a company which made a small profit to a company that makes crore of loss, annually.
And why did you bring an airline given to you with just Rs 5000 crore debt and small profit to Rs 50,000 crore debt and Rs 5000 crore annual losses? https://t.co/cSWvJfmzXn
— Tarun Shukla (@shukla_tarun) March 29, 2018
