| Secretariat of the Centre of Indian Trade Unions (CITU) has
issued the following statement to the media:
CITU
denounces the hosts of financial and legislative disastrous decisions mainly
allowing 49% FDI in Insurance sector and providing access to Foreign Firms in
Pension savings of the people taken at the marathon Cabinet meeting of Manmohan
Singh Government yesterday which is abject surrender to imperialist powers led
by USA and international finance capital mainly American Corporate giants.. The
decision to push forward the disastrous reforms in financial sector will cause
disaster to the economy of the country as a whole and cause immense harm to the
mass of the people.
This
decision of the UPA-II Government will ruin the largest insurance sector
successfully run by public sector. The most damaging result would be the
diversion of the savings of the common people through insurance from
developmental and employment generating economic activities to speculative
activities. It may be noted that insurance savings provide 24.6% fund for
funding Government projects.
The
attack on the hard earned pension fund is more direct and dangerous. Here again
foreign investment of 49% would be allowed. The foreign pension fund operators
shall lure the pension beneficiaries to be exposed to speculative market denying
any insulation from liquidation of social savings due to vagaries of market.
The
serious concern is that when the UPA-1 Govt. were etching for such attempts, the
left and democratic people had successfully resisted which shielded the country
from the avalanche of financial market collapse in USA.
The
Govt. has decided to amend Forward Contract (regulation) Act providing
substantial power to the proposed Forward Marketing Commission. No consideration
was made on farmers’ suicide, escalation of food price index and slide of
agricultural production. The life of empty bellied people was given to
speculators earlier and now it will be strengthened by creating an autonomous
organization dominated by market forces beyond control of the Govt.
CITU
condemns the arrogant anti-national act of the Govt to serve the interest of the
foreign investors at the cost of the national economy and life and living of
people. CITU calls all its affiliates and allies to react in more militant way
to resist such sell out of the country to foreign investors, attempt to destroy
domestic economy and enhancing misery of the people ever unheard.
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