Failing to get a time slot over his notice to discuss the alleged irregularities by Gujarat State Petroleum Corporation (GSPC) in its KG basin gas project, Congress leader Jairam Ramesh on Wednesday raised the issue during his speech on Finance Appropriation Bill in Rajya Sabha.
Raising the issue, Ramesh, whose term as Rajya Sabha member is ending on Thursday, said the country is concerned about non-performing assets (NPAs) of banks and the Government cannot be “selective” in investigating NPAs be it private or public companies.
“I am speaking about misappropriation in the Appropriation bill. I am forced to use this route the notice for discussion on GSPC issue was not considered by the Chair,” he said.
The Former Union Minister said the Government is investigating loan default of Rs9,000 crore by industrialist Vijay Mallya and the Government should also probe irregularities at public-owned GSPC. “What about a company (GSPC) which has taken loan of about Rs20,000 crore and has to pay Rs8,000 crore annually, while its income is only Rs80 crore. Is it not a fit case of NPAIJ,” he said.
Ramesh demanded a probe into the lending of Rs19,700 crore loan to GSPC when gas reserves had come down to one trillion cubic feet in offshore KG-basin gas project from 20 trillion gas discovery announced in 2005 by then Gujarat CM.
He also mentioned that the state-run firm had signed two contracts—one each with ‘Geoglobal’ and ‘Tough Drilling’, which were not key players in the oil exploration business.
Early in his speech Ramesh claimed that the “real opposition” to the long-pending GST bill was coming from within the government and that the main opposition was ready to give full support to it provided its three key recommendations are accepted.
He questioned the credibility of the current GDP growth figure of 7.6 per cent, claiming that nobody believes these numbers as they are “suspicious”. Ramesh asked the Government to come out with “credible” GDP figures and suggesed setting up a committee under the chairmanship of BJP leader Subramanian Swamy.
The Congress member insisted that his party wants GST and that it was ready to give full support to the Government if its three suggestions are incorporated in the bill.