One of the excuses pointed out by the central government for selling the various Public Sector units is that they are in loss and not viable. Of course in most cases, the loss is due to the anti-worker, anti-PSU policy of the government itself. Still a large number of PSUs continues to be viable and profitable due to maximum efforts on the workers and some managements.
In the case of the proposed disinvestment of 26% of Bharat Earth Movers Limited (BEML), even none of these excuses are there. It is profit making, it has made profit all these years. It is making vehicles etc. for the defence and in the last year the profit was Rs. 164 crore. It has made profit of more than the value of the company since its inception.
By selling 26% shares, the ownership of the PSU will be transferred to the buyer corporate, even though the buyer will have only a minority of 26% shares. Government will be converted in to an onlooker. Policy and decisions will be taken by the corporate management. Security of the nation is in peril in the hands of the MNCs.
Through the struggle of the workers and the pressure from the Kerala LDF government, the disinvestment process has not moved fast. The centre will be waiting for an opportunity, as the pressure from the corporates go up for sale.
Fight this Loot of the PSUs by the government through united continued struggles with the support of the people. BEML has to be saved for the future of India.