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The Politburo of the CPI(M) has strongly condemned the BJP government’s decision to privatise all banks , including the State Bank of India.The proposal to bring down the equity of the government to below 51 per cent has been strongly condemned as also the move to revise the criteria to define sickness, the massacre of jobs through voluntary retirement in public sector banks and the proposed change in law to do all this.

This will subsequently lead to the privatisation of t entire financial sector, the CPI(M) has said, and undermine the economic independence of the country

The CPI(M) has made it clear that the Left will not take this step lying down and that it will organise a countrywide sustained movement against this until the Vajpayee government is forced to withdraw the IRA Bill and other such steps which will hurt the people’s welfare.

The CPI(M) has already announced that it will lead a major struggle against the Insurance Bill and the Patents Bill which the BJP government has already made clear that it will go ahead with. These two Bills, the party has said, will sound the death knell for the public sector and open up the country’s financial sector to the imperialist countries which will rob the poorer sections of this country of their livelihood in the long run. The party has already sounded out various units and is grouping the other Left parties to launch a sustained agitation against the machinations of the BJP government which is opening up the economy to foreign investment without making out the safeguards to this country’s own business interests.