Centre of Indian Trade Unions condemns the destructive exercise of the Govt to transfer the national assets and infrastructures in the hands of private corporate, both domestic and foreign, virtually free. Air India Sale is the most current example.

Now, as the Media reported, the Govt is making a hasty move for amending the Bank Nationalisation related Acts to facilitate privatization of public sector banks in the next Winter Session of 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.

Further, it is reported that the Govt has been in the advanced stage of moving amendments to PFRDA Act 2013 to separate the National Pension System (NPS) Trust to liberate the same from all regulatory control and discipline of PFRDA and convert the same into a corporate or charitable entity under Companies Act. Even the pension savings of the people are not being spared from the nefarious project of satisfying lust for minting fortune through unregulated speculations by the private fund managers. Even the Employees’ Provident Fund Trust, which is under some regulatory control, lost a huge money  of workers EPF savings through such limited speculation, courtesy IL&FC and other private fund managers. The fate of the regulation-free NPS under the new project of the Govt can well be guessed in advance.

CITU denounces such nefarious and destructive project of facilitating loot and plunder on national assets, infrastructures and even peoples’ life-time pension savings by the same plunderers’ community in corporate class and calls upon the working people to oppose and resist such atrocious machinations on national economy and the people at large by the Govt at the centre.  

Issued by
Tapan Sen
General Secretary