• CPI National Council

CPI Supports Anti-privatisation Struggle of Bank and Insurance Employees

The National Secretariat of the Communist Party of India has issued the following statement today (on March 13, 2021):

The Modi government has been pursuing an aggressive policy of privatisation of various public sector undertakings. In budget after budget, this government has been deciding to sell public sector units to private hands. It is important to remember that whatever growth and development our country has achieved in the last more than six decades, the public sector has played a commendable role and contributed immensely for our country’s economic prosperity. Public sector in our country has been built with the help of tax-payers’ money and with the sweat and blood of toiling masses. Public sector units are our national assets and should remain so. To privatise them is retrograde.

Especially banks and insurance companies represent the financial sector of our country. They represent people’s money and national savings. It is unfortunate that the government is eager to privatise the public sector banks and general insurance companies besides disinvestment in LIC. If stringent measures are taken to recover the corporate bad loans, most of the problems of the banks will be mitigated. Instead, the danger is that these corporate loan defaulters may become owners of the banks.

The government should seriously reconsider their decision to privatise banks and insurance companies in people’s interest.

Bank and insurance sector unions are rightly highlighting these issues and have given the call for strikes on March 15 and 16 in banks, March 17 in GIC and March 18 in LIC.

Communist Party of India extends its full support to their patriotic struggle and strike actions.



Office Secretary

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