People's Democracy

CITU Condemns Scuttling Of Navaratna Status To Eight CPSUs

THE Centre of Indian Trade Unions (CITU) condemned the reported move by the UPA government to scuttle the entry of eight central public sector undertakings (CPSUs) into Navaratna group by changing the parameters like annual turnover, inter-sector performance etc.

The eight CPSUs viz. Shipping Corporation of India (SCI), Power Finance Corporation (PFC), Power Grid Corporation (PGCIL), National Aluminium Corporation (NALCO), Hindustan Aeronautical Limited (HAL), Bharat Sanchar Nigam Ltd (BSNL), National Hydroelctric Power Corporation (NHPC) and Rural Electrification Corporation (REC) have fulfilled all the relevant parameters necessary for grant of Navaratna status which enables them to avail more financial and operational autonomy. 

As a matter of fact PSUs like NALCO and BSNL have being knocking at the door of the Government for last two-three years for grant of this status based on their performance so that they can optimise their potential to become global players. The delay by the government on this score has been questioned time and again in parliament.

CITU secretary Dipankar Mukherjee in a statement issued on September 27 said that the government’s immediate objective obviously is to attempt another round of disinvestment of these PSUs by terming them as non-Navaratna. The CITU hoped that the government would learn its lesson from NALCO and Neyveli Lignite disinvestment fiasco. The CITU reiterated that any such attempt of disinvestment of PSUs whether Navaratna or non-Navaratna would be resisted and foiled. It urged the government to grant Navaratna status to the above PSUs immediately to enable them to function with necessary autonomy in the present competitive environment. (INN)