The speech by Pranab Mukherjee, Finance Minister, at Washington raises so many questions. In the speech he assured the American business circle that India will address their concerns. He also stated that it is inevitable to take some hard decisions. He also stated that we have already committed the preliminary legislature process for the Pension Fund Regulatory Act, the Insurance Act and the Banking Amendment Act. These three, he hoped, will be adopted in the Calendar year, if not in the present session.

What these statements of the Finance Minister of India made during his tour of US mean ? No.1, are these declarations to be made in a foreign soil, or in our own country / Parliament? The Finance Minister do not give any assurance to the people of this country on poverty, health issues, supply of essential commodities, price rise etc. which are the life and death issues of the crores of people of this country. Instead he is giving assurances to the American big business, that their concerns will be met. He is also reported to have stated that the subsidies in the country will be reduced.

Does it mean that Walmart will be allowed to start hundreds of its malls in India endangering the retail business in the country, tax for foreign companies will continue very less as earlier or that no case will be taken for tax evasion of foreign companies? Is he giving assurance to the foreign companies that making necessary legislation the role of PSUs like LIC will be reduced and the foreign companies will be given the dominant role?

Yes, these are exactly what the statements of the Finance Minister indicate. Just like a Nawab reporting to the King/Emperor, what he has done and what he is going to do as per the directions of the king. This is not what the people expect from the Hon’ble Minister. He has to focus the interests of the Indian people and not the American business. He has to bargain hard for the interests of the country and not to succumb to pressures.

Further by passing the above mentioned bills, the future of the PSUs and its workers are being jeopardised. Those bills, which could not be passed due to strong objections from the political parties should be dropped and no further action taken in the matter. These bills should be dropped and not passed.

If the government is moving in the wrong direction, it can expect strong and sustained struggles by the working class in India.