October 31, 2021

Stop This Abject Privatisation

THE CITU in a statement issued on October 25, condemned the destructive exercise of the government to transfer the national assets and infrastructures in the hands of private corporate, both domestic and foreign. It said, "Air India sale is the most current example."

The CITU quoting from a media report said that the government is making a hasty move for amending the Bank Nationalisation Acts. This is being done to facilitate the privatisation of public sector banks in the next winter session of the Parliament.

"Already the PSBs were made to sacrifice several crores of rupees (all public money) loaned out to those private corporates, through so-called insolvency bankruptcy procedures. And now the move is on to hand over the PSBs to the same community of debt defaulter private corporates, virtually free."

On the proposal of bringing amendments to the PFRDA Act 2013, the statement said that the effort is to bring changes in the National Pension System (NPS) Trust to remove regulatory control and discipline of PFRDA and convert the same into a corporate or charitable entity under Companies Act.

The statement said the effort is to hand it over to the private fund managers for speculative gains. Giving the example of the EPF Trust the statement said that huge money of workers was lost from EPF savings through such speculation, courtesy IL&FC and other private fund managers.

CITU denounced such nefarious and destructive projects of facilitating loot and plunder on national assets, infrastructures and even peoples’ lifetime pension savings.