The BJP government at the Centre has set in motion a process of perversions in the economic sector to help corporates, Centre of Indian Trade Unions (CITU) general secretary Tapan Sen has alleged.
Opening the three-day State conference of the trade union here on Saturday, he claimed that the prospect of an independent productive development of the country’s industrial and economic bases was being severely compromised. He alleged that ₹10 lakh crore of bank loans had been written off in five years. Also, through the Insolvency and Bankruptcy Code (IBC), corporate companies in debt were being helped by public sector banks.
‘Unseen pipeline’
“Pilferage of bank money has been legalised through this code. Later, the government is recapitalising these banks to ensure credit flow to the same criminal corporate people. Some IBC procedure will be conducted after some time to take away that money. Thus, an unseen pipeline is created from the national exchequer to private corporates,” he pointed out. Another perversion, he said, was happening in sectors such as infrastructure. Private companies were being allowed by the government to utilise infrastructure areas such as ports for 30 to 35 years to make profits without investing any money in it, Mr. Sen added.
CITU general secretary Tapan Sen speaking at the three-day State conference of the trade union in Kozhikode on Saturday, | Photo Credit: K. Ragesh
A total of 604 delegates are attending the conference.
Elamaram Kareem, State general secretary, presented the working report and P. Nandakumar, State treasurer, presented the income and expenditure report. The delegates began deliberations on the working report in the afternoon, which will continue on Sunday. One of the resolutions passed on Saturday urged the working class to resist moves to destabilise the Left Democratic Front (LDF) government in Kerala.
