Centre not neglecting PSUs: Chidambaram

Chennai, June 26 (UNI) Union Finance Minister P Chidambaram today rubbished reports that the Public Sector Undertakings (PSUs) were being neglected by the Congress-led UPA Government at the Centre.

Speaking at a function to dedicate the Chennai-Tiruchi-Madurai petroleum pipeline of the Indian Oil Corporation (IOC) here, he said ''bitter pills'' had to be administered at times for sustenance of the PSUs and to prevent them from going sick.

''The prices of petroleum products is the burning issue and it needs to be dealt with in a more judicious and sympathetic manner.

Despite mounting challenges, Union Petroleum Minister Murali Deora handled it very judiciously,'' he added.

The price of crude oil which stood at 23 US Dollar per barrel in the international market in 2003-04 had increased three-fold to 69 USD in the last two years, he said.

''The IOC is one of navratnas. To prevent it from going sick, we have to administer some bitter pills to meet escalating costs.'' Referring to criticism of the government policy regarding PSUs during last two years, Mr Chidambaram said the budgetary allocation for PSUs stood at 15,982 crore in 2003-04 and their own resources and external borrowing was Rs 68,919 crore totalling Rs 84,901 crore.

This had increased to Rs 1,42,447 crore, including the budgetary support of 19,696 crore.

''The budgetary support and their own investments has risen from Rs 84,901 crore in 2003-04 to Rs 1,42,447 crore in the current fiscal...No one can charge that the UPA Government at the Centre has ignored the interests of the PSUs,''he added.

He also reeled out statistics on the budgetary allocations made for petroleum products by the Centre.

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