The Sponsoring committee noted with concern the mad drive for priavtisation of PSUs including the banking and insurance sector. The Insurance Regulatory Authority Bill has been introduced in parliament in tune with the finance minister’s obliging commitment to foreign capital at Washington. Similarly, the nationalized banking sector is also being put on sale and disinvestment of shares to bring down the government stake below 50% in the public sector banks are in the offing. The shares of profit making public sector units are being auctioned in haste sometimes even below the prices prevailing in stock market and in that process the national wealth is being usurped by the foreign and Indian monopoly capital, courtesy government of India. The government has already decided to close down/sell 8 PSUs, convert 16 PSUs into joint venture and offload 74% shares in most of the profit making public sector units. Besides above, it has also declared that no fund would be made available for revival of the sick PSUs. All these actions, being taken in abnormal haste are destined to put the country’s interest in absolute jeopardy to the benefit for foreign capital and there junior partners in Indian soil.

It was also noted with concern that the terms of reference and the guidelines to the Second National Commission on Labour constituted with mostly the yes-men of the BJP combine and employers’ lobby clearly exposed the nasty ploy to empower the employers with the right to hire and fire and also to contracterise the workforce through amendment of Industrial Disputes Act, Trade Union Act, Contract Labour Act and other related legislation.

The Sponsoring committee expressed satisfaction that the trade union movement irrespective of affiliations has recorded their strong disapproval to above anti-people and anti-national moves by the NDA government. The committee congratulated the employees of the Insurance sector for their countrywide magnificent strike action on 29th October. The Committee also welcomes the joint move of all the unions in the insurance and banking sector including the officers’ Association for united struggle and their call for massive demonstration before the parliament on its opening day on 29th November 1999.

The sponsoring committee called upon the working class to prepare for united action against the anti-worker, anti-people and anti-national policies of the government. It calls upon all the trade unions irrespective of affiliation to hold massive united demonstration and rally in all the state capitals and industrial centres on 29th November 99 against privatisation and attack on trade union rights. The committee also called upon its constituent organisations and trade unions at Delhi to join en masse the demonstration before parliament on 29th November along with the employees of financial sector. The committee also appealed the public sector unions to jointly decide for agitation and action programmes against the anti-PSU policies of the government on urgent basis.