PROMISE AND PERFORMANCE

It seems that the UPA government is following almost the same policies of the previous NDA government. The promise they made in the National Common Minimum Programme is almost given a go bye and is implementing the World Bank dictated economic policies at top speed.

The government have promised in the NCMP that "profit making companies will not be privatised" but by giving a new definition that "wholly owned undertakings of the government of India" " the government holdings to be restricted to 51%" in the name of encouraging the public sector companies and nationalised banks "to enter the capital market to raise resources". This is the new method devised by Shri Chidambaram, the Finance Minister, to provide the Private Companies to control 49% of the shares at present which will in effect enable the private companies to exercise their control in the publicly owned companies.

The government also proposed "Mega merger" of nationalised bank even without having a dialogue with the bank employees and officers inspite of the fact that "in the NCMP provided for tripartite consultation with the trade unions and industry on all proposals concerning them." Together with this the permitting of foreign investment upto 74% in the Indian private banks which in effect allows the complete control of the Indian private banks by foreign banking companies. All these measures are only to placate the Indian big business and foreign multi national corporate capital while the promise given in the National Common Minimum Programme is fully ignored.

The proposal to increase the Foreign Direct Investment (FDI) to 74% in Telecom sector too on the same lines is the latest which will have adverse impact on our national security.

However meanwhile the power ministry has finalised a new power policy which can only be termed as a "wish list". The power sector can be made efficient and the installed capacity can be increased by 1,00,000 MW more within 7 years i.e. by the year 2012, for which the estimated expenditure would be Rs.9,00,000 crores. This policy statement assumes that this Rs.9,00,000 crores can be mobilized from the private sector. For which to quote the statement "Capital is scares. Private sector will have multiple options for investments. Returns on investment will, therefore, need to be provided in a manner that the sector is able to attract adequate investments at par with, if not in preference to, investment opportunities in other sectors. …"

The above statement goes to show that in order to attract the private sector, will be offered, more guaranteed profit for their investment in the power sector than others. This itself will enable the private operators to increase the power rates to sky-high levels which in turn will go against our nation’s overall development. Even with such offers our experience goes to show that the private investors will be reluctant to come forward even if they promise which will not be fulfilled.

Without going to the details of the policy statement it seems that the government is going back from their promise to review the Electricity Act: 2003 and they are showing their reluctance even to continue their discussion as promised with the trade union representatives. The point is clear that Shri Manmohan Singh Government is not serious in implementing the National Common Minimum Programme like the other sectors referred to above.

Therefore it seems that there is no way out for the working class including the electricity employees and engineers to gear up their agitation and prepare for a nation wide strike action in order to force the government to keep up their promise.