Find out novel ways for revival of economy, not the failed ideas: BMS

RSS-backed Bharatiya Mazdoor Sangh (BMS) on Saturday asked the government to "find novel ways to revive the economy and not failed ideas".

The comments came after Finance Minister Nirmala Sitharaman unveiled the fourth edition of the revival package for the economy facing the impact of lockdown to combat COVID-19.

"The fourth day of announcements of FM is a sad day for the nation and its people, who were on a euphoria hearing the first three days’ announcements," a BMS statement said.

Eight Sectors (Coal, Minerals, Defence Production, Airspace management, airports, Power distribution, Space, Atomic Energy) are in focus but the government saying that it has no option except privatization is a show of dearth of ideas on economic revival in times of crisis, it said.

The impact of every change first falls adversely on employees. For employees, privatisation means massive job loss, below quality jobs will be generated, profit-making and exploitation will be the rule in the sector, it said.

The government becoming shy of consultation and dialogue with trade unions, social representatives and stakeholders shows lack of confidence in their own ideas and is highly condemnable, it said.

"For our policymakers structural reforms and competition mean privatisation. But we have recently experienced, in time of crisis private players and market were paralysed and public sector played the crucial role," it opined.

Coal privatisation and for that purpose allotting Rs 50,000 crore is highly objectionable, it said.

Seamless mining, auctioning 500 mining blocks including bauxite and coal blocks, rationalising stamp duty for that purpose is against national interest, it added.

Raising the FDI limit for the defence from 49 per cent to 74 per cent in the name of reducing huge defence bill and corporatisation of ordinance factory board is objectionable, it pointed out.

"Privatisation of space, ISRO, space exploration also will have serious consequences to our security. We depend on space for many security and surveillance measures which are dangerous to be privatised. Indian start-ups are not so much equipped to take up space challenges," it said.

Even atomic energy is being converted to PPP mode which is a major step towards privatisation, it opined. Corporatisation and PPP are the routes for privatisation, and privatisation is the route for "foreignization", it held.