There has been a demand for diluting or scrapping the labour laws: Karim

KOCHI: The resistance of the working class against the move to privatise the Indian banking and insurance sectors saved the sectors from the global financial crisis, said Elamaram Karim, State Industries Minister.

Inaugurating the 34 {+t} {+h} joint circle conference of the postal and Railway Mail Service unions here on Wednesday, Mr. Karim said that the government had to retract from the move following the stiff resistance of the trade unions and the workers. Otherwise, the Indian banks and insurance companies would have gone the U.S. way. Allaying fears of a financial crisis in the country, the Union Finance Minister had stated that the Indian banks and insurance companies were safe as they were in the public sector. The country should be thankful to the workers for their stand on the issue which averted a major economic crisis, he said.

The global economic crisis was a result of the inherent problems of the capitalism. The governments were attempting to bail out the companies by announcing bail out packages using the tax payers’ money. It was the workers who suffered heavily following the crisis. However, no government has come to the rescue of workers who have lost their livelihood following the crisis, he said.

The policies pursued by the Central government were detrimental to the public sector companies of the country. Moves were afoot to privatise the companies and reduce the number of workers engaged by the companies. The spiralling price of essential commodities was also affecting the lives of the millions of workers across the country. It has been reported that the price of food grains have increased by 80 per cent over the last five years. The crisis had also affected the State as the export of marine products, garments and other sectors to the developed countries had dropped, Mr. Karim said.

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