Tag Archives: PSUs

Modi Government again in selling mode – 7 PSUs going to be disinvested.

29 Saturday Dec 2018

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Modi Government continues its attack on the PSUs. The latest cabinet decision is to sell shares of (1) Telecommunications Consultants (India) Ltd (2) RailTel Corporation (India) Ltd. (3) National Seed Corporation (India) Ltd. (4) Tehri Hydro Development Corporation Limited (5) Water and Power Consultancy Services (India) Limited (6) FCI Aravaly Gypsum and Minerals (India) Ltd and (7) Kudremukh Iron Ore Company Ltd. The first 6 PSUs will be disinvested through IPOs and the last by FPO. Almost all these are profitable PSUs and functioning well. Some of them like TCIL has got a lot of awards in excellence.

Selling of shares will get thousands of crores of rupees to the government, but none of this will be utilised for the improvement or development of the company. Even if 25% shares are sold, the private corporates (share holders) get the benefit of even deciding the policy. They will utilise it for their own purpose. Well knowing that the government favours the corporates, the Director Board also will become more interested in the benefits of the corporates than the PSU. The result will be deterioration of the company which will go in to loss. Then it is easy for the government to sell it very cheap with all the valuable land, building, equipment etc. in the centre of major towns.

The government is not worried about the future of the work force. The government is not interested in the development of the PSU. It is only the workers and the common people of the country who will fight this exploitation of the nations precious wealth.

Participate fully in the 48 hours national strike on 8th and 9th January 2019 against the anti-worker, anti-PSU policy of the government!

United Struggles to save the Public Sector

05 Monday Jun 2017

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The aggressive attack on the Public Sector by the Modi Government is intended to finish off all the existing PSUs, which have greatly contributed to the growth of the country, and hand over them to the greedy corporates. Whether profitable or not, all the PSUs one by one are going to be disnvested, sold and or closed.

United/Joint Struggles by the entire workers, executives and management with the support of the people are essential for saving the public sector. Leave aside other differences and unite to fight the anti-PSU policy of the government and save the PSUs.

All Profit making PSUs to be listed

18 Saturday Feb 2017

Posted by in Disinvestment, PSU

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The Central government has taken decision to list all the PSUs making profit for the last three years in the market for disinvestment / strategic sale.The expected amount to the government through strategic sale /disinvestment for the next financial year is a whooping Rs. 72,500 crore. There are 71 PSUs making profit continuously.

The Modi government is aggressively continuing its ‘selling the family silver’ to benefit the private corporates and big business. Whatever disinvestment or strategic sale so far done has shown how the people’s wealth is being handed over to the corporates for paltry sums.

Not only the trade unions, but a massive movement by the people is needed to stop this anti-national move of disposing of the nation’s wealth.

Kerala LDF Government to revitalise the PSUs

20 Monday Jun 2016

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The people of Kerala have the experience that during the LDF government, the PSUs will improve and become profitable, while during the UDF rule they will become ineffective and loss making. During the last UDF rule, out of the total 46 PSUs, only 10 were profitable. When the last LDF left 18 PSUs were profitable.

Now the Kerala Government has stated that it will make all out efforts to strengthen the PSUs. The work has already started. There is no doubt that many of the PSUs will be improved and made financially viable during the present regime.

A White Paper on the state PSU and urgent action for revival required.

16 Thursday Jun 2016

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During the UDF government in Kerala, the state PSUs were purposely made ineffective and weakened for closure and privatisation. The new LDF government and the Chief Minister has declared that the state PSUs will be revived and strengthened.

It is necessary for this purpose to prepare a White Paper on the present situation of all the state PSUs continued with action plan to rejuvenate them. Opinions/Suggestions from the trade unions, experts, public and the workers of these PSUs may be taken, before finalisaion of the programme.

The people of the country have to understand the difference between pro-PSU policy of the LDF government and the anti-PSU policy of the NDA government.

Modi Government continues its attack on PSUs

15 Wednesday Jun 2016

Posted by in CITU, PSU

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The Modi Government has decided to privatise many government corporations and to sell up to 51% to private in some other corporations. It seems that as per this decision, the BJP government will dispose almost all the central PSUs to the private in the name of garnering funds for the government.

Thousands of acres of land in various metro cities owned by these corporations are going to be handed over to the private companies from meagre amounts. Existing employees of these PSUs will lose jobs, once these are transferred to private.

The Central trade unions and the public sector unions have to confront this all round attack and defeat the government conspiracy. Otherwise, there will be no central PSUs by about one decade.

State PSUs will protected and strengthened – Kerala Chief Minister

12 Sunday Jun 2016

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During his speech at Kozhikode Tagore Centenary Hall on 12th June 2016 when he was given a grand reception, Com.Pinarayi Vijayan, Chief Minister, Kerala stated that the state PSUs will be protected and strengthened. This is a very welcome assurance.

During the UDF rule, almost all the state public sector units have been weakened and made loss making. It is to be remembered that all these PSUs were strong and profit making during the period of the LDF government. Once again these PSUs are going to be revived.

Both the UPA Government as well as the NDA government at the centre have been systematically selling, closing and disinvesting the central PSUs during the past twenty years or so. They have become the promoters of the private sector and the corporates. The present position of the ITI, HMT and other such famed PSUs are well known to all.

The difference of attitude between the NDA/UPA at Centre and the LDF in Kerala towards the PSUs is well understood by the workers. While appreciating the correct stand of the Kerala LDF government, the working class have to fight and defeat the anti-PSU policies of the NDA government at the centre.

Selling Government assets is the priority of the government!

29 Friday Apr 2016

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The new financial year has started. So also the spree of selling the PSU shares!  The latest is the proposed disinvestment of 5%  shares of Rashtriya Chemicals and Fertilisers (RCF), 10% of National Fertilisers Limited (NFL), 10% in NMDC, 10% in HUDCO and 10% in Oil India. The government has already sold 11.36% shares NHPC a few days back.

If this trend goes, within a few years, the control of all PSUs will be in the hands of the private corporates. Mighty united struggles by the working class are required to save the PSUs. The Central Trade Unions in their strike decision for 2nd September 2016 have included ‘No Disinvestment of PSUs’  as one of the main demands.

The government should be compelled retract from these anti-PSU decisions.

Now it is leasing of PSUs to private companies!

18 Monday Apr 2016

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one has to accept the fact that the NDA government is expert in ‘selling the family silver’ for a song! During the earlier NDA government, PSUs – VSNL, BALCO, ITDC Hotels etc. were privatised. The UPA government continued the process. After Modi government came, the business of disinvestment and privatisation have taken more aggressive.

The latest plan is to lease out the PSUs to the private companies! The details are being worked out by the government.

There is no doubt that this government is the ‘government of the corporates, by the corporates and for the corporates’.

 

Kerala – LDF strengthens PSUs, UDF destroys

08 Friday Apr 2016

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The policies of LDF government led by  CPI(M) and  UDF Government led by the Congress in Kerala as far as PSUs are concerned is very clear to the people. While the election campaign is going on in Kerala, the differences in dealing of the PSUs by the two fronts are being discussed.

During the LDF government, all the state PSUs become profitable and improves their functioning with the full support of the government. But in UDF rule, the PSUs are strangulated and made loss-making. They are destroyed to help the private companies.

A look in to the profit and loss of the PSUs during LDF and UDF governments given below establishes the above truth. These statistics are published by the State Public Sector and Autonomous Bodies Officers Federation( SPATO).

UDF GOvt. (2001-2006)  – Average Loss Rs. 213.74 crore per year.

LDF Govt. (2006-2011)   – Average Profit Rs. 292.45 crore per year

UDF Govt. (2011-2016)  – Average Loss  Rs. 645.96 crore per year

LDF Government has to come to save the state PSUs.