Public Sector Enterprises were to shoulder a vital role in economic development of independent India in accordance with the letter and the spirit of the Constitution, especially consistent with the State’s mandate stipulated in the Directive Principles.
In the Budget speech last year, the Finance Minister mentioned that the government would privatise a few PSU banks in due course. There are reports on statements originating from the Ministry that the government would introduce a Bill during the coming monsoon session for enabling it to privatise PSU banks in principle, create provision for outright sale and relax the cap on foreign equity holdings in them. DIPAM is also conducting road shows in the USA to sell IDBI Bank.
In this connection, we wish to caution the government about the legal and other far-reaching implications of privatising any PSU bank.
4/142, Venugopal Swamy Nagar 2nd Street, Parvathipuram, Nagercoil 629 003 Phone: 04652-259806; email: reclaimtherepublic@gmail.com M G Devasahayam IAS (Retd) D. Thomas Franco Chairman Convenor [9940174446] [9445000806] PRESS RELEASE [Jointly issued with Constitutional Conduct Group (CCG) of former Civil Servants] 3M (Machine, Money, Media) challenges to India’s Electoral Democracy Bengaluru, 2... Continue Reading →
Press Release Date: 30.06.2022 Prelude The Government of India (GoI), a few years ago, had unilaterally enacted the three farm laws, in addition to introducing a Bill to amend the Electricity Act-2003, without taking the States and the farmers’ association into confidence. Since both the farm laws and the Electricity Bill would adversely affect agriculture... Continue Reading →
A spurt in global demand for fertilizers after the pandemic from most agrarian countries including US, EU, Brazil, China and India, has already upset the availability and price level of mineral fertilizers all over the world.
In order to bring out the actual reasons for the colossal failure of the Coal and Power system management and enable corrective action, an independent enquiry should be constituted into the coal crisis that occurred once during 2021, has enveloped the country during the summer of 2022 and is likely to extend into the monsoon.
To, Sh. Sushil Chandra, Chief Election Commissioner, Election Commission of India, Nirvachan Sadan, New Delhi. Sh. Rajiv Kumar Election Commissioner Sh. Anup Chandra Pandey Election Commissioner Subject: Compliance of EVM voting with basic and essential requirements of ‘Democracy Principles’ and integrity and credibility of electronic voting and counting in Electoral Democracy-Posers thereof Dear Sirs, ... Continue Reading →
Please refer to our earlier statement on LIC here. Based on the further developments, we are issuing another statement because of the National Importance. First, We wish to reproduce below the prophetic words of Shri C D Deshmukh, the eminent Finance Minister who had the vision to create the LIC in 1956: “The concept of... Continue Reading →
January 21, 2022 Peoples Commission on Public Sector and Public Services Statement on LIC IPO The Finance Minister in her budget speech in 2021 announced disinvestment of government stake in the Life Insurance Corporation of India (LIC). According to news reports, the LIC IPO Prospectus is likely to be issued in early February 2022. It... Continue Reading →
Reserve Bank of India should reverse its policy with regard to allowing Non-Banking Financial Companies (like the Adani Capital) to have tie-ups with Public Sector banks (like the State Bank of India) for co-lending to the farmers and other small borrowers. The undersigned demand an immediate reversal of this arrangement as it will have serious implications for the public.
Statement on CEL Sale by Peoples’ Commission on Public Sector and Services The Cabinet Committee on Economic Affairs (CCEA) empowered alternative mechanism for disinvestment is reported to have finalised selling 100% equity of Central Electronics Ltd. (CEL), a Central Public Sector Enterprise (CPSE), for a paltry sum of Rs 210 Crores, to a private entity... Continue Reading →
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