The pro-corporate, anti-people policy of the NDA government has once again been revealed and exposed. While there is no increase of the lower limit for exemption of income tax, which will benefit the common people and the working class, the corporate tax is reduced by 5%, which will benefit the privileged class.
It is now very clear why there was continuous attack on the Public Sector Banks recently from the government and the ruling parties.. The PSU Banks were blamed for the increased NPA (Non-Performing Assets ie. Bad Loans), reduced capital etc. The attack was aggressive and to put the banks in a bad light.
The reason is now clear to all. The government want to privatise these PSU Banks, which was brought in to the Public Sector from the private sector due to bad performance. As the next stage, the Finance Minister Arun Jaitely has announced in the Budget that the government share in the PSU banks can be reduced less than 50%. That clearly means privatisation.
The Members of the Parliament in the Parliament and the politicians, workers and people outside should fight and defeat the sinister move.
New Delhi, Feb 28 The government today proposed raising Rs 69,500 crore from disinvestment and strategic sale in state-owned companies.
Of the total budgeted proceeds, Rs 41,000 crore is estimated to come from minority stake sale in PSUs, and the remaining Rs 28,500 crore is projected to come from strategic sale in both profit and loss-making companies.
As regards disinvestment in the current year, the government is expected to mop up only Rs 31,350 crore as against the budget target of Rs 63,425 crore.
The revised estimates have pegged the disinvestment receipts from minority stake sale in PSUs at Rs 26,353 crore, as against the target of Rs 43,425 crore.
In addition, Rs 5,000 crore will be raised from PSU Exchange Traded Fund (ETF).
“We have an elaborate disinvestment roadmap in front of us. As far as strategic sales are concerned, certainly we are not averse to the idea. Wherever we find the possibility existing, we will certainly consider it,” Finance Minister Arun Jaitley told reporters here.
The government has raised about Rs 24,500 crore through disinvestment in SAIL and Coal India in the current fiscal. It expects to raise Rs 6,850 crore in the remaining one month of the fiscal ending March.
Five per cent stake sale in REC and PFC are on cards in current fiscal.
The disinvestment department has lined up a host of companies including 5 per cent in ONGC, Dredging Corp, and Bharat Heavy Electricals (BHEL).
Besides, 10 per cent each in Indian Oil Corporation, National Aluminium Company (NALCO) and NMDC are also being planned.
It is also planning to list RINL and Hindustan Aeronautics through a 10 per cent stake dilution. (PTI)
Communications Minister, Ravi Shankar Prasad, in a reply in the Lok Sabha on 14th July stated that the government expects a revenue of Rs. 53,937 crores from the telecom sector in this financial year. These are mainly from the telecom licences and auction of spectrum. By spectrum auction and charges it is estimated to get about Rs. 40,417 crores and from licence fees about Rs. 13,520 crores. Last year, the government got Rs. 12,450.43 crores from licence fees.
It is reported by Times of India that NDA government will seek to raise up to a record $11.7 billion in asset sales in its maiden Budget this week.
The privatization target could reach 700 billion rupees, almost equal to all proceeds over the last four years, in the new Budget going to be presented in the Parliament this week.
If this is true, then many PSUs will be disinvested and some of them may have strategical partners also, which means, gradually the PSUs will be handed over to private companies as in the case of VSNL, Centaur Hotels, BALCO etc., which was done during the last NDA government.
The government can expect mighty struggles from the workers and their unions.