Business EconomyPosted at: Jan 7 2022 6:42PM


BMS urges Centre to rethink its decision on privatisation and disinvestment of PSUs

New Delhi, Jan 7 (UNI) Bharatiya Mazdoor Sangh (BMS) has urged the Centre to rethink its decision on privatisation and disinvestment of Public Sector Units on a rational basis and hold a dialogue with stakeholders to get insight and ground reality.
In a memorandum submitted to Prime Minister Narendra Modi, the BMS said, ''PSUs are the assets of our country that were established with the people's money and therefore, should never be handed over to private entrepreneurs.''
The Sangh said it was imperative that public sector enterprises were continued and developed for a sustainable economic growth of the country which includes a larger potential for resolving the unemployment crisis.
The union body said the PSUs were assets of the country that were established with the people's money and should never be handed over to private entrepreneurs.
''It has been more than three decades since we have been struggling to convince the government to maintain the status quo of PSUs and have raised our voice time and again for the same. It is astonishing that irrespective of the political ideology, each government that came to power, carried forward the agenda of destroying PSUs with no concrete basis,'' it said.
The BMS criticized NITI Aayog and alleged that the organisation was working as an annex of the employer organisation.
''NITI Aayog is limping on the social sector side with its highly defective policy initiatives. The Aayog is being driven by lopsided intellectuals with a western overview of society and economy.
The union alleged that despite providing several examples of negative impact and failure of the privatisation decision, the government was not even giving an unbiased ear to the facts.
Though BMS praised the government's decision to revive BSNL-MTNL, it criticised the government policy for privatisation, disinvestment and strategic sale of PSU, FDI, merger of banks, IPO in insurance sector, corporatisation of railways, defence production units, PLI in postal adoption of the anti-worker policies.
"While we recognise and appreciate the role of private sectors in the country's development, we believe that they must develop their own infrastructure instead of lobbying with bureaucrats to buy national assets for lower value and a lobby of anti-public sector bureaucrats disconnected from the roots,'' it said.
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