The National Confederation of Officers’ Associations (NCOA) has written to the Cabinet Secretary of India that it will launch a nationwide protest against privatization of Public Sector Undeertakings of the country. The NCOA hasx termed this move of the government as imprudent, hasty, detrimental, shortsighted and sinister by all ways and means. The letter written by the NCOA is reproduced below for the benefit of the viewers of www.indianpsu.com –
Shri Rajiv Gauba
Cabinet secretary, Govt of India,
Subject: Nationwide Protest by CPSE Executives on 16th March,2021 against Privatization of Public Sector
We, National Confederation of Officers’ Associations, the body represents 2.5 Lakh Public Sector Executives are shocked over the Govt decision that bare minimum PSUs will remain only in the strategic Sector and others will either be sold off or closed. As you are well aware, PSUs have played the major role in the infrastructural development of our nation and it ensures products and services to the public at an affordable price, while competing with private sector MNCs. Further, CPSUs could play a lead role in recently announced government’s indigestion for defense production.
We appreciate the efforts of policy makers and decision makers to keep the fiscal deficit of the country under check, during massive liquidity requirement fiscal stimulus for all other section of economy. However fulfilling the fiscal requirement by selling Nation’s asset in form of CPSUs privatization may be short term gain for managing the fiscal numbers under control, at the cost of long term disaster for Nation’s economy. We, at NCOA, strongly oppose this imprudent, hasty, detrimental, shortsighted and sinister move by all ways and means. Undoubtedly, this hurried step in unfavorable market conditions shows conceit and ignorance of facts and reality. NCOA strongly opposes this move and hope that Govt will realize the ill effects and long term evils of this path, as private enterprises work with goal of profit making only while national (public) interests is prime target for CPSUs. CPSUs made a substantial contribution to the central exchequer by providing Rs. 3.68 lakh crore in various forms like dividend, interest, corporate taxes and GST. Also, overall net profit of operating CPSEs was Rs1.43 lakh crore in 2018 -19, while doing the business with utmost level of ethics. Please be noted that, these figures are excluding departmental run enterprises, banks and insurance companies.
Ever since liberalization, CPSUs have come increasingly under pressure from policy framework and business-environment-competition to achieve their goals more effectively and efficiently. In past also, several initiatives and actions have threatened the existence of CPSU’s wealth and have created turmoil for the Economists, Employees, Customers, Citizen and other Stake Holders from time to time. This is certainly against the long term interest of the nation.
NCOA is the apex organization representing about two lakh highly qualified officers fraternity employed in the CPSUs, which includes finest professionals of all fields viz., Engineers, Managers, Chartered Accountants, Company Secretary, Law Officers, Doctors, etc. They are valuable asset of the nation’s human capital pool and are duty bound to bring it to the notice of policy makers about disaster of destabilizing the equilibrium by privatization of CPSUs, which is too detrimental to the interest of the country for long term.
We, the NCOA, has decided to organize nationwide protest programs against this sinister move of Privatization in a peaceful manner and completely abiding to the Covid protocol. As part of a series of protest, we are joining the protest by other sectors like Banks, Insurance etc. On 16th of March 2021, NCOA will observe a Nationwide Protest day and the executives of every PSU will participate in the protest programs arranged on the day.
Hence it is our earnest request to the Hon’ble Prime Minister of India to review the recent policy decision of the Union Government to go ahead with reckless privatization activities and ensure the growth of CPSUs for sustainable economic growth and generation of employment opportunity to the educated youth of our nation.