India’s Andhra Pradesh Legislative Assembly adopted a resolution to oppose the federal government’s decision to strategically disinvest of Government of India’s shareholding in Rashtriya Ispat Nigam Limited (RINL) in Vishakapatnam. The central government had proposed the financial disinvestment and managerial change of RINL through privatization via the Cabinet Committee on Economic Affairs (CCEA).
The state body requested the Government of India to consider previous suggestions sent by letters in early February and March where the Chief Minister recommended making RINL profitable. The body noted the regional opinion and unrest among the trade unions on the uncertain future. The resolution only influences but cannot stop the central government’s announced actions.
The body also presented the annual budget for 2021-2022.