Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri on Thursday blamed the United Progressive Alliance (UPA) government and said the government has burdened the future governments with oil bonds of more than Rs 1.5 lakh crore.
Union Minister said it is limiting fiscal space and restricting financial freedom of oil marketing companies (OMC)s and thus tying up crucial resources.
"The important E&P sector was fund-starved. As a result, our import bill continues to be high. Nearly Rs3.6 lakh cr profits of oil companies were instead used for price stabilisation by a remote-controlled govt of 'economic experts' to hide behind an 'All is Well' smokescreen," Puri said in a tweet.
"In 'India's Lost Decade' known for rampant impunity & policy paralysis, UPA Govt saddled future govts with Oil Bonds. More than Rs1.5 lakh cr of these remain to be repaid, thus tying up crucial resources, limiting fiscal space & restricting the financial freedom of OMCs," he tweeted subsequently.
( With inputs from ANI )
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