New Delhi: The National Confederation of Officers' Associations (NCOA), which represents 2.7 lakh executives in PSUs like Indian Oil Corporation, BSNL, MTNL, BEL, BEML, RCF, NHPC Limited, GRSE, BHEL, among others, has written a letter to Prime Minister Narendra Modi, asking him to review the PSU privatisation plan announced by the government in May this year. The confederation of PSU officers' associations has also said that it will hold a nationwide protest programme between August 8 and 18 to oppose the government's decision to privatise or shut down PSUs in non-strategic sectors.
"We, National Confederation of Officers' Associations, represent 2.7 Lakh Public Sector Executives are shocked over the announcement of Hon'bl Finanace Minister Smt Nirmala Sitharaman that PSUs will remain only in the strategic Sector and other sectors' PSUs will either be sold off or closed," the NCOA said in the letter. The PSU officers' confederation contended the decision, saying that PSUs can play a lead role in the recently announced Aatmanirbhar Bharat Abhiyan.
Questioning the rationale behind the Centre's decision to undertake privatisation of PSUs at a large scale, the NCOA said, "… Fulfilling the fiscal requirement by selling Nation's asset in form of CPSUs privatisation may be short term gain for bringing the fiscal numbers under control, at the cost of long term disaster for nation's economy (sic). 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."
The NCOA said that while private companies work with the goal of profit-making only, for CPSUs, the goal post is national and public interest. "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 Rs 1.43 lakh crore in 2018 -19, while doing business with utmost level of ethics (sic). Please note that these figures are excluding departmental run enterprises, banks and insurance companies," the letter said.
"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 privatisation activities and ensure the growth of CPSUs for sustainable economic growth and generation of employment opportunities for the educated youth of our nation," the NCOA said.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)