Make in India Week: MoUs signed with firms making losses

Referring to Chief Minister Devendra Fadnavis’ announcement of 2,436 MoUs singed at the event, Nirupam alleged that most of these companies are loss making companies. “Also, some of these projects were announced last year. So, it is just repackaging in this event,” he told the media on Wednesday.

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To support his allegation, Nirupal claimed that Uttam Galva Steel, one of the companies which signed an MoU, reported loss of Rs 424.5 crore in the previous quarter, and declared debt of Rs 2,731.28 crores as of March 31.

He said the loss incurred by Vedanta Limited (Consolidated) was of Rs 11,373 crores (loss after tax), while its debt was of Rs 72,000 crores (long and short term borrowings). He said the Mercedes Benz plan to invest Rs 2,000 crores to upgrade its Chakan plant was announced in September 2015, adding that the same was the case with JSW and Panchsil for the IT park.

“Make in India was about attracting foreign investments but most of the MoUs were signed with Indian companies. The BJP claimed that it would generate two crore employment every year but has only managed 17 lakh so far. During the UPA regime, it was at least 60 lakh per year,” he said.

Nirupam wanted the state government to put out details of the total money spent on the Make in India Week.

“We have learned that at least Rs 400 crore has been spent on the event. What was the need to spend so much money just for listening to a lavani programme and sing songs with Kailash Kher?” he asked, adding that the ‘Built in Mumbai’ announcement to attract builders would lead to huge scams.

Meanwhile, Nirupam has written the Maharashtra Electricity Regulatory Commission (MERC) opposing the BEST administration’s move to seek extension to recover the losses from the electric wing till 2019-20.

“We strongly oppose the levying of any charges for transport deficit to electricity consumers. The loss incurred by BEST is due to its own mismanagement and poor planning,” the Congress leader said.