People are blaming Vijay Mallya these days for big Bank defaults.

In 2005, Modi announced that Gujarat State Petroleum Corporation (GSPC) has discovered India’s largest reserve of natural gas in the Krishna-Godavari (KG) basin. For the project, GSPC had borrowed a sum of RS 19,720 crore in loans from public sector banks and other financial institutions.

Truth - No Gas was discovered and nothing was produced.

Big questions - Why Modi lied about the Gas discovery? Who's responsible for losses?


KG Basin Scam - Gujarat State Government & Narendra Modi Are Unaware ? Or At The Center Of It?

CAG raps GSPC for mismanagement, Rs 19,576 crore investment in KG block | The Financial Express
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  • Good thought provocative analysis
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  • Modiji promised biggest Gas discovery in India in KG Basin. GSPC under Gujarat Govt took nearly 20000 Crore loan from various national banks for Gas extraction.

    Till this day, not one single unit of Gas has been found and extracted. What happened to 20000 Crore?
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  • It took 9 years for GSPC to come out with a reason behind debacle that Gas extraction is not economically viable. Gas prices are set by regulator and GSPC knew it since 2005 before taking the loan of 19000 Cr Rupees. Gas prices were even lower at time Modi made the declaration that GSPC had made largest discovery of Gas.

    After burning 19000 Crore, GSPC says Gas extraction is not viable. Shouldn't this fact to be told earlier?

    After Kingfisher is Bankrupt, Vijay Mallya blames Govt regulations and high fuel prices behind failure of Airlines.

    After JP Group had defaulted. It blames Govt regulations, NGT court and RE market conditions for its failures.

    Some Noida Builders even blame the home buyers for non delivery of flats because home buyers refuse to give unreasonable extra charges illegally levied by Builder.


    Sir,

    In India and most of the non developed nations, Gas Prices are not decided by any Oil company. Its decided by Govt regulator after analyzing international market conditions and domestic economic factors. Every Oil company has to work based on these prices.

    Govt can't just double Gas prices because an Oil company like GSPC says its extraction is not viable. BJP is already in Power since 2014. BJP hasn't raised Gas Prices as demanded by GSPC. So BJP are crony socialists too?
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  • BJP's policy of Crony Socialism.

    Congress Govt pricing formula for Gas, Gas = $4.2/unit in 2013 (was to be raised to $8.4/unit by 2015)

    BJP Govt pricing formula for Gas, Gas = $ 4.2/unit in 2016. (will be cut to $3.15/unit by 2017)
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