CPI slams UPA government over disinvestment move

The CPI criticised the the Centre's decision to disinvest 10 per cent government equity in major public sector undertakings (PSUs) and vowed to fight the move.

The CPI on Friday criticised the the Centre's decision to disinvest 10 per cent government equity in major public sector undertakings (PSUs) and vowed to fight the move.

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"It is nothing but a step towards privatisation of the PSUs. The government has been claiming the disinvestment is mandatory only to deceive and confuse people," CPI General Secretary A B Bardhan alleged.

Addressing a press conference here, he termed the UPA Government's decision as "retrograde".

The CPI leader warned that the Left parties, which provided outside support to the first UPA Government for four and half years, would fight the disinvestment move through their trade unions.

The Government had yesterday announced a disinvestment plan that seeks to list all profitable Public Sector Enterprises. The plan also requires already listed CPSEs to ensure at least 10 per cent public holding.

According to the Cabinet Committee on Economic Affairs' decision, unlisted firms with three-year track record of net profit and positive net worth will have to come out with initial public offerings.