CPI National Executive Seeks Firm No To RINL Privatisation

Visakhapatnam: The two-day CPI national executive, which was held in Visakhapatnam, has adopted a resolution unanimously asking the Centre to make a categorical announcement on allotment of captive mines for cash-strapped Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant and its merger with the Steel Authority of India Limited (SAIL).

The resolution refers to the apprehensions among the employees over the fear of privatisation since the Cabinet Committee on Economic Affairs four years ago cleared the proposal for 100 per cent disinvestment of RINL. It said revival of the public sector unit with the recent sanction of Rs11,440 crore is only a temporary solution and sought permanent measures to put RINL back on the right track.

Briefing reports on the just-concluded national executive meeting, CPI general secretary D Raja said on Friday that the Modi 3.0 Government is firm on handing over profit-making public sectors on a golden platter to the corporates. CPI State secretary K. Ramakrishna, assistant secretary JV Satyanarayana Murthy, national executive member Azeez Pasha and district secretary M Pydiraju were present. Raja wondered why non-performing assets worth crores of rupees were written off to benefit corporate houses and business tycoons. He said since Modi became the Prime Minister, the economy has been in shambles. "Prices of essential commodities are sky-rocketing while the unemployment problem is deepening. Farmers are on the warpath as they are denied minimum support price for their produce," he bemoaned.

The veteran communist said despite tall claims by the government and President Droupadi Murmu painting a rosy picture on the economy in her address to the Parliament, the economy continues to be in a very critical stage with low growth rate, inflationary trends and rapid devaluation of rupee in the international market.