People's Democracy

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


No. 29

July 27 , 2008


CITU Cautions The Govt Against

Move For Privatisation And Deregulation


THE Centre of Indian Trade Unions (CITU) has warned the UPA government against plans to “complete the so-called unfinished agenda of neo-liberal reforms”.

In a statement released on July 23, CITU secretariat noted that immediately after getting through the trust vote, by questionable means, the UPA combine had come out in its true colour. It stated that the finance minister Chidambaram could not suppress his zeal in announcing his plan for immediate measures to finish the so-called unfinished agenda of neo-liberal reforms, which obviously pertain to privatisation and deregulation of financial sector - in pension, banking and insurance. The CITU felt these were  designed to unleash complete deregulation to establish hegemony of private capital, both foreign and domestic, over the financial sector of the country.


Referring to the captains of chambers of commerce and industries coming out zealously echoing the same tune with the finance minister, the CITU felt these were reflected in the media reports. “And these measures, so long hurdled by the Left, are also being touted from the roof-top for several years by the new-found strategic partner of the Congress Party, the US administration and their cohorts”, stated CITU.


“Allowing cap-less voting rights for the foreign players in banking sector, unhurdled operation of foreign companies in the insurance sector and raising of the FDI cap, pushing the pension and other social security funds as fodders for speculative operations in the share market, privatisation/disinvestments of the profit-making PSUs etc are the retrograde measures on the anvil on the part of the UPA government, which could so long be stalled by the intervention of the Left parties, in the background of organised opposition by the entire trade union movement.


“CITU denounces such overzealous posture by the finance minister and cautions the UPA government against taking such retrograde moves which would further throw the entire national economy deeper into the grip of speculative interests. CITU calls upon the toiling people in general and the working class movement in particular to make the call of countrywide general strike of August 20, 2008 called by the Sponsoring Committee of Trade Unions a total success and prepare for bigger countrywide united resistance struggle against such contemplated measures of privatisation and deregulation being touted overzealously by the UPA players”.