Further disinvestment of public sector units will be the worst thing to happen in the Indian economy. Privatisation or disinvestment will ruin the indigenous manufacturing sector and will force the economy to depend on foreign funding, according to CITU general secretary Tapan Sen. He was addressing a session on the second day of the 25th general conference of All India Insurance Employees’ Association at AU Convention Centre on Tuesday.
Criticising the government for proposing disinvestment in LIC, he said, “What justification does the government have to list LIC in the stock exchange. LIC is a self-generating company and contributes largely to the national exchequer.”
During the earlier disinvestment era, when no private companies had come forward to buy stakes in PSUs, it was LIC that had invested in those companies, he said. “There is an economic slowdown and the market is squeezed up. But instead of pumping in more money to increase the purchasing power of the people, the Central government is on withdrawal mode.”
When about ₹5.82 lakh crore still remain unpaid from corporate and direct taxes, ironically, the Union government has reduced the corporate tax from 40% to 22% just to benefit a few corporate companies, he pointed out.
Call for alternative
Mr. Sen said that time has come to propose and popularise an alternative policy and trade unions have a role to play. “Working class should rise and assert its intellectuality and develop a credible alternative platform.”
Talking about CAA, he said that it would polarise the people of the country. “The government has said that enumeration for CAA and NPR will begin from April 1, and it is time that the trade unions create awareness about the Act and urge people not to assist enumerators,” said Mr. Sen.
