The Polit Bureau of the CPI(M) calls upon the people to intensify protests against the large-scale sale of our country’s assets; the disinvestment of LIC and insurance sector; unemployment, agrarian distress and further hardships and miseries being imposed on the vast majority of our people.
The CPI(M) wishes to remind the Government that the Parliamentary Committee that went into the issue of handing over heritage sites to private corporate had decided against this unanimously. It urges upon the Government to rescind its decision.
This decision of the Modi government to privatise the coal mining sector while undermining the energy security of the country will compromise with the safety and security of workers engaged in coal mines. Trade unions and the Left parties have been consistently voicing their opposition to this dangerous move.
The decision by the Union Cabinet to merge the Railway Budget with the General Budget is a unilateral step without discussion in parliament. It was parliament which was empowered to discuss railway finances and development.
Two years have passed since the installation of the BJP led government at the centre and there is growing frustration at the inability or unwillingness of the present government to provide leadership in key areas of public policy.
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Following the Supreme Court order quashing the allocation of 214 coal blocks the Modi Government seems to have decided to promulgate an ordinance empowering the government to take back these coal blocks and reallocate them to private entities through an e-auction.This completely nullifies the coal nationalization Act of 1973. Coal was nationalised as a precious national asset required for the country’s development especially to provide energy resources to the people. By an open market e-auction this objective would be negated. In any case such a decision cannot be taken unless the parliament enacts a legislation nullifying the 1973 Act.
Allowing industrial houses to own banks would allow them to corner bulk of the credit for their own businesses through connected lending. It will be impossible to assess risks and regulate the banking sector in such a scenario. Moreover, it will further the concentration of financial power and political influence. It is for these reasons that many countries, including the United States, prohibit industrial houses from operating banks. South Korea prohibited industrial houses from promoting new banks following the financial crisis in 1997.