03 Saturday Sep 2016
Posted in PSU
Congratulations to the workers and management of Air India. The Air India Express section of the Air India has declared profit of Rs. 62 crores for 2014-15. This is the first time that it had posted profit since last about 10 years since its inception in 2005.
The increased number of people flying and the low cost of fuel has helped the Air India resulting in profit. It is expected that Air India will be able to increase the profit this year.
01 Thursday Sep 2016
It is now established that the Reliance Industries have made huge money by pumping oil from the nearby ONGC oil fields through connectivity reservoirs etc. The Shaw panel also mentions that though this information was available with both companies, it was kept it a secret.
The unions as well as political parties had raised the issue several years back, but no government took any action. The government has now to take serious action against the Reliance company both criminal and civil for cheating and making loss to the government.
22 Monday Aug 2016
Posted in Disinvestment, PSU
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During Bajpayee government BALCO and Hindustan Zinc Limited was handed over to Vedanta Group through strategic sale. 51% in BALCO and more shares in HZL was sold at that time. Vedanta Group now wants all the shares to be purchased so that it will get control of all the assets of the company without any government control. The UPA government did not take any decision in the matter earlier. Such handing over will be against the interest of the nation and the workers. It should not be allowed.
22 Monday Aug 2016
Posted in Disinvestment, PSU
Tags
The central government is moving for disinvestment of Air India, if the reports in the papers are any indication. On the plea of reducing the loss of the company, the Air India wants to sell shares to the extend of Rs.10,000 crores. This is nothing short of gradually increasing the disinvestment of Air India with the programme of privatisation in future.
16 Tuesday Aug 2016
The PSU Banks in the country are having NPA or the bad loans not returned of Rs. 5,39,995 crore as in 2016. For the last 15 years, the NPAs have been increasing every year. These are loans of crores of rupees given to big corporates, business barons and so on. Neither the government nor the PSU Banks are taking any serious action to recover these loans. These are companies who are having sufficient funds to repay. This is a conspiracy between the management of the banks, corporates and ruling political parties.
There is a need to expose all of them. The Banks should publish the list of these corporates. They should be shamed. Government should take serious action against all those involved. It is the people’s savings that have been swindled.
16 Tuesday Aug 2016
Recently an RTI report has stated that there are more than 3,000 vigilance cases pending in the Department of Telecom, of which mostly are connected with BSNL. There are various reports reaching us about the exploitation of the contract labours, by denying minimum wage, not implementing social security measures like EPF, ESI etc. and also by making them work much more than 8 hours in a day.
Both the corruption and exploitation are unethical and in violation of the laws of the land. A glorious PSU like BSNL can not afford to continue with these black spots tarnishing its image. It is also adversely affecting the motivation of the staff.
It is high time, that the DOT, BSNL Management, the unions and the workers unitedly initiate all out efforts to put an end to these contagious diseases and make BSNL healthy and wealthy.
A Corruption-Free, Exploitation-Free BSNL will be an asset to the Nation!
16 Tuesday Aug 2016
Posted in PSU
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With reference to the report on granting of Defence PSU status to the Indian Telephone Industries (ITI), the recommendation of the Parliamentary Standing Committee of Telecom is appropriate and timely. ITI, one of the first PSUs in the country, has contributed tremendously to the growth of the telecom sector. For years together it was the major manufacturer of telephone instruments and other equipments for the Department of Telecom. ITI has been completely ignored after the introduction of the New economic Policy and orders were diverted to private companies. ITI has been intentionally made a loss making PSU to favour the private companies.
ITI is fully capable of attending to the orders of the Defence Department, which it has ably attended earlier. Hence, the government should accept the recommendations of the Parliamentary panel in this respect and confer the status of Defence PSU to ITI and manufacture Defence equipments.
03 Wednesday Aug 2016
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Minister of State of Finance, Santosh Kumar Gangwar told the Rajya Sabha yesterday that the top corporate groups in India owe the Public Sector Banks Rs. 5,73,682 crore, the loans taken and not returned. The total NPAs or bad loans by the corporates will come to lakhs of crores of rupees.
This is a clear case of politician-corporates-bank management conspiracy taking away the savings of the people of the country for the benefit of the corporates. Very strong action is required to recover this money.
03 Wednesday Aug 2016
Posted in Neo-liberal policy, PSU
Tags
It is reported that about 400 branches of SBI has been closed and some more are going to be closed, in the name of reducing expenses and on the plea that there are many branches in the same city itself. It is also stated that this is being done on the basis of the recommendations of a committee.
This decision to close the SBI branches is completely anti-worker, anti-customer and anti-SBI. There is no justification for the same except to reduce the business of SBI and to help the private banks. Instead of taking strong measures to recover the NPAs (bad loans) coming to lakh of crores of rupees from the corporates and big business, closing of the customer friendly branches will not do any good.
It is against such anti-people, neo-liberal policies that the crores of workers are going on a massive strike on 2nd September 2016. Make the strike a big success and a slap on the face of the government!
18 Monday Jul 2016
Posted in PSU
The Kerala Assembly today passed a resolution against the decision of the Central government to merge State Bank of Travancore with State Bank of India (SBI). The Bank unions have been strongly opposing the decision for merger, since it will adversely affect the service to the customers, business, employees as also the nation.
The Kerala Government has moved the resolution in the Assembly which was supported by the entire opposition except the lone BJP member. The Resolution will now be forwarded to the central government.
Congratulations to the Kerala Government for the bold resolution!
The Government has also stated that it will do every thing to make all the state PSUs, numbering about 44, to become profitable, most of which have become loss-making during the UDF government.
VAN Namboodiri's Blog 