New Delhi, 17 August 2021: All India Bank Employees’ Association invited Com. Rajesh Kumar, General Secretary, All India LIC Employee Federation, to AIBEA National seminar series to present his perspective on the ongoing privatisation row in the country. The speaker began the conversation highlighting the pro-capitalist agenda of the government due to which it is ignoring the common person.
“When you are trying to solve a problem, you need to understand the difference between the cause and the symptoms. Workers are not being paid even the minimum wages, these are the signs. The cause of the problem is the policies that the government trying to impose,” said Mr. Rajesh Kumar.
The speaker expressed the need for people to politicise themselves and understand that the policy is the cause of the problem.
Throwing light on the current scenario he said, “We have seen the earnings of the companies rather being divided among the workers, it is only shifting to shareholders.”
In the US, earlier only 10% of the profit was being given to the shareholders whereas now 70% of the profit is being given to the shareholders.
Mr. Rajesh expressed concern saying, “If you see the balance sheet of big corporates in the country the shareholders are getting more than 50 % of the profit in their kitty, and employees are being denied even the minimum wages.”
Talking about the privatisation of the public sector he added, “For the past 50 years public banks have been a lifeline to the social development and economic development of India.
However in today’s scenario, in India all banks have been attacked, even LIC is unable to stay untouched.
We must not sacrifice the public trust for the interest of corporates. The goal of private companies is to increase the profits for the shareholders, not to serve the nation.
“Why disinvest LIC when LIC has become the biggest contributor to economic growth.
33 crores Policyholders are there, and if disinvestment takes place, policyholders will get affected,” he raised.
He added, “The government suggestion on Disinvestment in LIC will only pamper the corporates who are eyeing huge assets of the LIC.”
Elaborating his take on the government’s privatisation row he said that the problem is that just to befit few corporate houses this government is selling national assets, which is willful negligence of this government.
In conclusion, the speaker said that in his view it is time when all national unions can collaborate to educate the people and fight with this government for the social benefits, and further defeat the policies of selling the national assets. AIBEA national seminar series has exhibited joint efforts and opinions of all the associations and presented a combined stand against the government policies.