Mamata Banerjee urges PM Modi to consult experts and parties on economic crisis

Mamata Banerjee, Chief Minister of West Bengal, on Thursday criticised the Centre’s plan to sell its stake in several public sector companies, saying in Murshidabad that Prime Minister Narendra Modi should consult experts and every political party to find a way out of the economic crisis.

Objections to disinvestment

Speaking to reporters, the Trinamool Congress chief argued that raising money by selling government shares in central public sector undertakings would bring only short-term relief. “The Centre should look for a permanent solution instead of advocating stopgap measures,” she said.

Her remarks came a day after the Union Cabinet, on Wednesday, cleared what was described as the largest privatisation drive yet: the sale of the government’s holdings in oil company BPCL, Shipping Corporation of India and cargo firm Concor, along with a decision to reduce its holding in selected state-run firms to under 51 per cent in order to shore up revenue hit by the slowdown.

Banerjee said private participation through the PPP model could be permitted in particular sectors, as she had done while serving as railway minister, but insisted that selling centrally owned companies was unwise. She also claimed the government was selling Air India and important units in defence production and telecom to raise money, and said earlier rounds of disinvestment had failed to revive the economy and the current one would not generate jobs. According to her, the Centre expected the plan to raise between Rs 1.76 and Rs 1.80 lakh crore, which she said would not lift the economy over the long run.

Bank merger and demonetisation

She questioned the plan to merge several public sector banks, warning that folding United Bank of India into two other lenders would create difficulties for the state. Many West Bengal government schemes are run through banks, she said, and their future could be uncertain if the bank’s headquarters moved out of the state.

Repeating her criticism of the 2016 decision to withdraw Rs 500 and Rs 1,000 notes, she argued that a cashless society could not work in India because people lacked money. While an elected government should be free to function, she said, it should also take the views of other parties on national issues, and the Prime Minister should hold talks with all parties on generating employment.

See also: Profiles of political leaders

Originally published on 22 November 2019. Rewritten on 9 October 2026.

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