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P. Chidambaram poses 20 tough questions on Rs 6 lakh Cr NMP

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P-Chidambaram

Senior Congress leader and former Union Finance Minister P. Chidambaram on Friday posed 20 questions on the Centre’s proposed National Monetization Pipeline (NMP) intended to ‘monetise’ certain assets and earn Rs 6,00,000 crore revenue over the next four years.

Stating that the government should answer the questions, he demanded to know the NMP objectives and whether it was solely intended to raise the revenues over the next four years.

Referring to the criteria adopted upfront to identify the PSUs that would be disinvested or privatised during the previous UPA government, Chidambaram queried whether the same is the case with the current NDA regime.

Pointing out that for infra projects like roads/highways, a PPP policy already exists, he asked what is the difference, if any, between this (PPP) model and the one that would be adopted by the Centre under the NMP, while addressing the media in the country’s commercial capital.

Moreover, if an asset is ‘monetised’ for 30-50 years, what is the value of the piece of paper that declares the government to be the ‘owner’ of that asset, what kind of asset will be returned to the government at the end of the period or would it be a “fully depreciated asset” worth practically nothing.

“Since the NMP is silent on the subject, will the government stipulate in the contract that the amount of depreciation should be put in a Depreciation Reserve Account which was used only to maintain, upgrade or add to the asset so that at the end of the lease period a valuable asset is returned to the government,” Chidambaram asked.

He also sought answers on whether there will be provision in the contract to prevent asset-stripping by the lessee, the terms included in the Invitation to Bid (ITB) to ensure that the ‘monetisation’ process does not create monopolies or duopolies in that sector, especially to prevent such (monopolies/duopolies) emerging in the ports, airports, telecom and power sectors.

The finance expert queried whether the lessee will manage the current levels of employment and the policy of reservations, or other policies, subject to sectoral regulators, etc., in the ‘monetised’ asset.

Harking to the UPA which identified the Railways as a ‘strategic sector’, he asked what are the other sectors the Centre has identified as ‘core’ or ‘strategic’ that would be kept out of the NMP purview.

“Has the government examined the impact of implementation of the NMP on the prices of goods and services in the sector/industry concerned? What will the government or the regulator do in case prices are increased by the lessee of the ‘monetized’ asset,” Chidambaram demanded.

Referring to the government’s revelation of the expected revenue of Rs 6,00,000 crore in four years, he asked whether the government would shed light on the total capital investment in the identified assets that are expected to yield the aforesaid revenue.

“The identified assets must be currently yielding a certain revenue every year. Has the government calculated the difference between the current revenue (undisclosed) and the expected revenue (of Rs 6,00,000 crore) over a period of four years? If so, what is the difference between the two amounts each year during the four year period,” Chidambaram asked.

On the government’s announcement that the NMP would be co-terminus with the National Infrastructure Pipeline (NIP) that is expected to require Rs 100 lakh crore, the ex-FM sought to know how the Rs 6,00,000 crore over a four year period be sufficient to finance a Rs 100 lakh crore NIP.

Furthermore, he sought an assurance from the Centre that the expected sum of Rs 6,00,000 crore “would not be merged with general revenues or used for general expenditure”.

Chidambaram further posed if the Rs 6,00,000 crore, when released, would not be diverted to partly-finance the fiscal deficit (Rs 5,50,000-crore in 2021-2022) or retiring old debts.

The Congress leader asked if the government floated a consultation paper on NMP, consulted various stakeholders including the workers or trade unions and demanded to know the outcome/minutes of these consultations.

He also asked whether the NMP was discussed in Parliament, and if not, whether the Centre plans to consult the Opposition Parties or debate in parliament.

Chidambaram said that the US is contemplating measures to contain monopolization and unfair trade practices of giants like Google, Amazon and Facebook, China has announced plans to rein in its giant tech firms and South Korea contained the influence of its huge family-controlled business conglomerates.

“Does the government intend to introduce similar measures while implementing the NMP,” Chidambaram asked, saying the Centre “is obliged to answer these questions”, and the media must demand replies from the government.

National News

5 terrorists killed, 2 Army soldiers injured in J&K gunfight

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Srinagar, Dec 19: Five terrorists were killed and 2 Army soldiers injured on Thursday in a fierce gunfight in J&K’s Kulgam district.

Officials said that five terrorists were killed and two soldiers injured in a fierce encounter between the joint forces and holed up terrorists in Kadder village of Behibagh area of Kulgam district today.

This is the largest number of terrorists killed in a single operation by the security forces in J&K in 2024.

“Joint forces including 34 Rashtriya Rifles, police and the Central Reserve Police Force (CRPF) started a CASO (Cordon & Search Operation) in Kadder village after receiving information about a group of terrorists hiding inside the village.

“As the joint forces closed on the hiding terrorists, the ultras fired triggering an encounter in which five terrorists were killed and two Army soldiers injured.

“The identity of the slain terrorists is being ascertained. The injured soldiers have been evacuated to hospital for treatment. Search operation now continues in the area”, officials said.

Security forces say that the killing of five terrorists in Kulgam is a major success for the joint forces in their relentless pursuit to dismantle the terror ecosystem in J&K.

Security forces have started an aggressive campaign against terrorists, their Over Ground Workers (OGWs) and sympathisers in order to dismantle the terror ecosystem in J&K.

Properties worth multiples of crores belonging to drug smugglers and peddlers have been attached in Kashmir Valley after obtaining requisite orders from the competent authority.

LG Manoj Sinha has been chairing top level security meetings. During these meetings he has given clear orders to the security forces to go all-out against the terror ecosystem.

Union Home Minister, Amit Shah is chairing a top level security review meeting regarding J&K today in Delhi.

Chiefs of Intelligence agencies, police, CAPFs and others connected with the anti-terrorist grid in J&K will attend the meeting.

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National News

Shinde takes a dig at Uddhav Thackeray over his meeting with CM Fadnavis

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Nagpur, Dec 18: Maharashtra Deputy Chief Minister Eknath Shinde on Wednesday took a dig at Shiv Sena-UBT chief Uddhav Thackeray over his meeting with Chief Minister Devendra Fadnavis, saying it was like “meet this one, meet that one and go home next day.”

He thereby downplayed the meeting between Thackeray and Fadnavis.

“Anyone can meet the Chief Minister. The Chief Minister is the head of the state. The opposition party also meets him. The leaders of other parties of the opposition party also meet him. I see a radical change in those who criticised him severely, talked about ending him, and talked about putting him in jail. It is not wrong to meet Devendra Fadnavis,” said Shinde.

On the other hand, Shiv Sena legislator and former minister Deepak Kesarkar said “If Uddhav Thackeray had held such a meeting earlier (with Devendra Fadnavis), Shiv Sena would not have been divided into two.”

“Earlier, Uddhav Thackeray had not even responded to Devendra Fadnavis’ telephonic calls. Uddhav Thackeray abandoned Balasaheb Thackeray’s idea of Hindutva for the post of Chief Minister. Eknath Shinde had no other demand. Eknath Shinde’s only demand was that we should go with the idea of Hindutva. We should not go with the Congress. But if Uddhav Thackeray had met Devendra Fadnavis then, all this would not have happened. Devendra Fadnavis called Uddhav Thackeray many times in 2019. But now it is too late. Now the MahaYuti government has come back to power again,” said Kesarkar.

Meanwhile, Shinde slammed the opposition for their campaign against EVMs, saying that “When the poll results go against them, allegations are made against EVMs.”

“When the results are in favour of the Maha Vikas Aghadi, then EVMs are good. For them, the Election Commission is good. The Supreme Court and the High Court are also good. When the results are against them, then they start blaming EVMs. The opposition has been doing this for the last few days. In 2004 and 2009, voting was done on EVMs and the Congress won. When you win, you praise that system,” he added.

“Even the Supreme Court said that when you win, you don’t come to us and when you lose, you come to us. This is a double standard. After winning the Lok Sabha elections, you (the opposition) didn’t talk about EVMs. Omar Abdullah has also slammed the Congress,” said Eknath Shinde.

He said that Congress should not insult the mandate otherwise the people will make them sit at home. Shinde also ridiculed Uddhav Thackeray for his demand that the appointment of Election Commissioner be made through election.

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Commuters inconvenienced with ‘rail roko’ protest by farmers in Punjab

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Chandigarh, Dec 18: Railway commuters faced inconvenience in Punjab on Wednesday after farmers squatted on rail tracks in support of their long-pending demands, including the legal guarantee of the minimum support price (MSP) for crops.

However, no untoward incident was reported in the state. The protest, at the call of the Samyukta Kisan Morcha (Non-Political) and Kisan Mazdoor Morcha, was carried out at over 100 locations in the state, badly impacting the railway services.

Kisan Mazdoor Morcha leader Sarwan Singh Pandher claimed that the three-hour “rail roko” call got a good response in the state.

The impact of the protest was more viable in Moga, Faridkot, Ferozepur, Amritsar, Tarn Taran, Batala, Qadian, Phillaur, Tanda, Dasuya, Hoshiarpur, Ludhiana and Sunam towns.

Farmers of both outfits have been camping at Shambhu and Khanauri border points between Punjab and Haryana since February 13 after their march to Delhi was stopped by security forces.

While hearing a petition, the Supreme Court on Wednesday said the court’s doors were “always open” to the demands and suggestions of protesting farmers, after they refused to engage with the Punjab government-formed committee.

The Punjab government told the apex court that despite several meetings with fasting farmer leader Jagjit Singh Dallewal, the farmers had rejected interactions with the state’s high-powered committee.

Protesting farmers, whose bid to enter Haryana in support of their long-pending demands was foiled thrice, halted the trains to lodge their protest and press their demands.

The 70-year-old cancer patient Dallewal has been fasting at Khanauri, the border point between Punjab and Haryana, since November 26 in support of their demands that included loan waiver and reforms to improve conditions in the agricultural sector.

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