February 09, 2014

CITU Opposes Sale of PSU Shares

AS per media reports, the union finance ministry have decided to sell the shares of Bharat Heavy Electricals Limited (BHEL), Hindustan Aeronautics Limited (HAL) and Engineers India Limited (ElL) through the block deal route. But, according to a CITU statement issued from New Delhi on February 3, this decision is being taken despite vehement opposition from various departments including the Department of Heavy Industries, which is the administrative ministry of many a public sector undertaking (PSU). The BHEL is a maharatna public sector undertaking which and the other strategic PSUs have a huge cash reserve which, the CITU said, could have been used for their expansion and diversification plans instead of resorting to their sell-out. However, the UPA government wants to shore up its finances in order to contain the fiscal deficit. The Centre of Indian Trade Unions (CITU) has denounced the decision of the UPA government to the sell shares of these premier public sector undertakings and urged upon the whole trade union movement and all the workers and employees in the country to unitedly protest and resist such anti-people moves of the government, which are to the detriment of our national interest.