‘If Yes Bank can be bailed out by Centre, why not VSP?’

Visakha Ukku Parirakshana Committee chairman Ch. Narasinga Rao has condemned the statements of Union Minister G. Kishan Reddy that the Visakhapatnam Steel Plant (VSP) had been incurring losses for the past several years and for how long would it have to be supported by the taxpayers.

He asked if the Centre could bail out the loss-making YES Bank, a private firm, why the same benefits was being denied to the VSP. In a statement on Monday, he said there was no truth in the statements of the Union Minister that the plant was incurring losses for the past several years. Mr. Narasinga Rao alleged that the Centre had allotted captive mines to many private and PSU steel units in the country. It, however, has failed to extend the same benefit to VSP.