New Delhi: Describing indiscriminate privatization as a threat to the economy, the Congress on Tuesday said that the central government now wants to get rid of the responsibility by privatizing public sector banks as well and its policy would prove fatal for the country. At a press conference at the party headquarters here, Congress spokesperson Supriya Srinivasan described the public sector banks as representatives of social justice and said that today these banks are providing services to people in remote areas.
Supriya Srinivasan said that former Prime Minister Indira Gandhi was a far-sighted leader and that is why she took the bold decision to nationalize banks in 1969. He not only broke the monopoly of a few private lenders but also ensured that banking services reached the ends of the country. Public sector banks prefer agriculture and small scale industries, which private banks shy away from.
The spokesperson said that these banks have helped in the development of backward areas and have opened branches in remote areas of the country where no private bank dares to open a branch. Public sector banks are not only financial institutions but also really powerful means of social empowerment.
He accused the government of indiscriminately selling and making profits of strategically important assets over the past 75 years and said it had lost more than 18 18 billion to LIC’s IP at a cost of about one-third of its valuation. He has worked to transform the country’s economy by bringing in O. Similarly, the government stopped the sale of India-Concour for fear of harsh criticism from the Congress, the Congress spokesperson said. For this, the Modi government was arranging to give the railway land purchased from the farmers at a discounted rate to a private party for commercial use.
He said that the main objective of the government through PSUsil tax was to provide land to private companies for occupation, hence the privatization of three PSUs was delayed due to land price issues. Concours has land around railway stations, Shipping Corporation of India has land in Maharashtra and especially Mumbai, while India Earth Movers has land in West Bengal and Karnataka. The only purpose of these projects and the millions of acres of land they have is to hand over a few crore selected capitalist friends to Modi.
The spokesman said that the government was misleading the people by adopting a double standard. He said that jobs are being promised in PSU after completion of service for firefighters, but ironically, on the one hand, after completion of four years of service of firefighters, the Prime Minister has 10 jobs in PSU. They are talking about giving quotas and on the other hand they are accelerating the sales of PSUs. The government has sold 41 ordnance factories and the DRDO is being weakened. Apart from Bharat Electrical Limited, large and strategic defense PSUs like Bharat Earth Movers are also being sold. These enterprises play an important role in building modern India.