People's Democracy

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


No. 46

November 15, 2009

CITU Flays Govt�s Decision To Disinvest PSUs


The Centre of Indian Trade Unions issued the following statement on November 06, 2009


The CITU strongly denounces the UPA government�s decision to disinvest all the profit making PSUs, listed or unlisted in the stock exchanges with the ostensible objective to boost trading activity in stock exchange and to meet the revenue deficit at the cost of public asset. The government�s claim to develop �People Ownership� through sale of shares in share market, where hardly 2 per cent of people of this country take part, is an insult to more that one billion people of the country who fully own 160 profit making PSUs, which earned a profit of Rupees 91,140 crores in 2007 � 2008 and contributed a dividend of more than Rupees 30,000 crores in public exchequer.


The CITU also criticises theory of those who are benefited by World Bank pension that Rs 30,000 crore mobilised in this process will be utilised for social sector schemes like National Rural Employment, National Rural Health Mission and Pradhanmantri Gram Sadak Yojana. These schemes, in budget 2009-10 have an additional allocation of      Rs 16,000 crore over the budgetary allocation of 2008-09. The government owes an explanation as to why it has  to sell the public assets to garner this nominal amount in a budget of more than 6 lakh crore. The people of the country have every right to ask the government as to why this amount could not be collected by reducing the revenue foregone through tax exemption / incentives / deductions which reached to a figure of Rupees 4.18 lakh crores in 2008-09. The CITU questions the  government as to why instead of  using a part of the present reserve and surplus of more than Rupees 5 lakh crore lying with PSUs, it is tinkering with the equity of PSUs.


The non-Congress allies of present government like DMK and TMC also owe a reply to the people of the country on their stand on disinvestment, which they oppose in public and support in the cabinet.


The CITU calls upon the working class and people of this country to give a befitting reply to the planned liquidation of public sector by the present corporate-captive government which instead of taking steps to bring down the sky-rocketing prices of essential commodities, is engaged in giving sops to the corporates and stock market .


The call by all central trade unions for demonstration before the parliament on 16th December should be converted to a people�s call against sale of public assets in the name of �People-Ownership�. The sooner the bluff is  called, the better. Meanwhile, the CITU appeals to all unions to hold gate meetings to protest against the anti-national step taken by the UPA government to dismantle the public sector in India to please their masters in the World Bank and IMF.