Tag Archives: Closure of PSUs

Cabinet decision for closure of HMT Watch Units.

25 Saturday Apr 2015

Posted by in Neo-liberal policy, PSU

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The Heavy Industry and Public Enterprises Ministry, which is the administrative ministry for the central PSUs, may move a Cabinet Note shortly for winding up of the loss making HMT watch units, which are HMT watches, HMT bearings and HMT Chinar watches. These are in loss for the last few years, mainly due to the non-support of the government following neo-liberal policies, which favour private companies. HMT Watches was an iconic company with a very high market share in the sector manufacturing excellent accurate watches.

The other loss making companies which are going to be wound up are: Hindustan Cables, Tungabhadra Steel and Hindustan Photo Films.

The government is on a plan to wind up many PSUs, on the plea of loss.

46 Sick PSUs to be revived, 9 units to be closed – Minister of Heavy Industries

20 Friday Mar 2015

Posted by in Neo-liberal policy, PSU

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The fate of 9 sick  PSUs and their staff are sealed. The Heavy industries minister has stated in the Parliament that out of 55 sick units, efforts will be made to revive 46 and the rest 9 will be closed down.

The 9 sick units which will be closed include HMT Bearings, Tungabhadra Steel Products, Hindustan Photo Films, HMT Watches, HMT Chinnar Watches, Hindustan Cables and Spices Trading Corporation.

These were all profit making companies. HMT watches was one of the best PSUs manufacturing the best watches in India. It is only due to the anti-PSU policy of the government that all these PSUs have become loss making.

The government is on the move to close down the PSUs, one after another. These should be opposed and defeated.

Government closing down 6 Central PSUs

17 Saturday Jan 2015

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One of the most important agenda of the Modi Government, it seems, is disinvestment, privatisation and closure of the Public Sector Units in the country. One after another almost all the PSUs are being disinvested. And now the closure has started. 6 loss making PSUs are going to be closed. They are: HMT Watches, HMT Chinar Watch, HMT Bearings, Hindustan Cables and Tungabhadrea Steel Limited and Hindustan Photo Films.

The policy of both UPA and NDA governments are to privatise all the PSUs.  The method is first to make them in loss through various methods and then close them. This is what is happening to these 6 companies. They were good, profit making PSUs which helped the nation’s growth. Now they will be sold as waste.

Pandit Jawaharlal Nehru, the first Prime Minister, while inaugurating ITI declared that ‘the Public Sectors are the temples of Modern India’. Now the declaration of former Manmohan Singh Government was and present Modi Government, is one and the same:” WE WILL CONVERT ALL THESE MODERN TEMPLES IN TO CEMETERIES”.

Are the people of the country, the working class, going to accept this non-sense? No. The l fight for the correct policies and strengthening of PSUs will continue.