Days before the Union Cabinet takes up a proposal to privatise state-owned BPCL, Petroleum Minister Dharmendra Pradhan on Thursday said the government has ‘no business to be in business’, and cited examples of telecom and aviation sectors where opening up had led to increased competition and price cuts to the benefit of consumers.
Refusing to comment specifically on the possibility of government selling its 53.29 per cent stake along with management control in oil marketing and refining firm Bharat Petroleum Corp Ltd (BPCL) for about USD 10 billion (around Rs 70,900 crore), he said the role of the government should be to create policy framework guarantees “affordability, accessibility, sustainability and security” of fuel to consumers.
“When Prime Minister (Narendra Modi) says the government has no business to be in business, it is not a slogan. It is a philosophy,” he told . Read More
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