People's Democracy

Observe National Protest Day on 28 Oct against Disinvestment of NTPC

The secretariat of the Centre of Indian Trade Unions (CITU) has issued the following statement October 21

The Centre of Indian Trade Unions (CITU) strongly denounces the UPA government�s decision to disinvest 5 per cent shares in NTPC, a Navaratna public sector undertaking and 10 per cent shares in SJVN, another PSU in Power Sector. The UPA government during its earlier tenure had time and again assured the people of this country that Navaratna PSUs would not be disinvested when disinvestment of PSUs was being opposed by the Left parties, who were supporting the government from outside. Because of the opposition from the Left, the UPA government could not go ahead with disinvestment programme. But the deceit and deception of the UPA in its new avatar becomes clear when it prioritises Navaratnas like NTPC, SAIL, Coal India, etc for disinvestment with a clear intent on privatising the profit making PSUs specially the Navaratnas in phases and in small doses, awaiting for an opportune moment for outright privatisation. It also exposes the hypocrisy of UPA allies like DMK and TMC who are only offering  lip service, opposing disinvestment in public and supporting the same in the cabinet.

The CITU reminds the people of the country that NTPC has already a reserve of more than Rs 49,000 crore as on 31 March 2009, an increase of Rs 5,000 crore from its reserve and surplus of Rs 44,000 crore on 31 March 2008 with a cash and bank balance of more than Rs 15,000 crore. It defies any economic logic as to why instead of using such huge money locked in non-productive reserves, its assets worth Rs  8,500 crore is being sold in the name of �peoples ownership�, though actually assets owned by the people in the PSUs are being doled out to a few share market operators including FIIs through such disinvestment.

The CITU calls up on the working class to mobilise and intensify their fight against the suicidal policy of disinvestment of PSUs including Navaratnas by the government as pledged in the National Convention of Trade Unions on 14 September 2009 through observance of National Protest Day on 28 October 28 2009. CITU appeals to the people not to be misled by government�s misinformation campaign on sale of public assets and to support trade unions� struggle against disinvestment.