People's Democracy

(Weekly Organ of the Communist Party of India (Marxist)


No. 35

August 29, 2004

      ‘Fight To Strengthen PSUs’


ADDRESSING a seminar on the relevance of PSUs in the present socio-economic and political situation, CPI(M) Polit Bureau member Sitaram Yechury called upon the people to unitedly fight for safeguarding and strengthening of the public sector in our country. He emphasised that the PSUs were the main bulwark in defending the country’s sovereignty, particularly from the imperialist countries MNCs.


He was the main speaker at this seminar organised jointly by Mecon Executive Association and Institution of Engineers, Jharkhand Chapter. It was held at the Engineers Association Auditorium, Ranchi on August 22 The seminar was attended by executives, employees and other intellectuals among whom included officers and employees of Mecon, SAIL, Heavy Engineering Corporation, Central Coalfields Limited, CMPDIL, Coal Mines Officers Association, LIC and GIC, several banks, Central Water Board, central government employees, professors and  lecturers of Ranchi University and others. The seminar was presided over by Mecon Executive Association president Swadhin Mukherjee and Institution of Engineers, Jharkhand chapter president Dr A K Chatterjee, general secretary of MEA Goutham Chatterjee placed a background paper highlighting the importance of public sector in industrial development, in fulfilling the social responsibilities and for ensuring self-reliance of the country’s economy.


Sitaram Yechury in his address traced the history and background of establishment of public sector in India and the attitude of the monopoly capital in the present stage of globalisation. He highlighted the relevant portion of the common minimum programme of the UPA government and the stand taken by the Left regarding approaches for strengthening the public sector.  Yechury emphasised that the public sector remains the bulwark in defending country’s sovereignty against the attack of multinational companies and imperialists in the ongoing process of globalisation. He stressed that the public sector should be made professionally competent and through industry-wise mergers like coal, steel etc, they can become giant global players for country’s interest. He pointed out the need for revival of sick industries wherever possible.


Yechury stressed that knowing the basic character of the UPA government, the expectations of the people on strengthening of public sector cannot be fulfilled without a united struggle. The political initiatives taken by the Left inside the parliament and in the coordination committee must be complemented with the mass movement from below involving all sections, said Yechury. This alone would ensure the implementation of CMP and strengthening of the public sector, he said.