More than 10 crore workers went on strike nation-wide on 10 major demands including against privatisation/disinvestment of PSUs. Even before the strike was over, the government, on the same day, announced that 5% shares of the Oil and Natural Gas Corporation (ONGC) will be disinvested with a target of Rs. 12,400 crore from the sale. The present stake of the government in ONGC is 74.14 %, which will come down to 69.14 % after the sale.
The Government fixed a target of Rs. 40,000 crore from the sale of shares this financial year 2011-12, but only Rs. 22,144 crore could be achieved. Hence the urgency and madness to sell the shares of ONGC.
The Central Trade Unions have to react sharply at this offensive.