Budget: Bhartiya Mazdoor Sangh condemns proposal of LIC-IDBI Bank disinvestment

The Bhartiya Mazdoor Sangh, a central trade union affiliated to RSS, has condemned the budget proposal to extend the disinvestment plan to LIC and IDBI saying it will be fatal.

“LIC which plays a great role in providing social security to the middle class and IDBI that supports small industries will cease to serve the society in need once private profit mongers are brought in,” BMS said in a statement, adding it will also be detrimental to employees.

According to BMS, this indicates that government is helplessly continuing to depend on the sale of national wealth for revenue generation, which is bad economics.


“A national discourse is required to find alternative modes of revenue generation, failing which all PSU and thereafter government properties will be sold for throwaway prices to run the government machinery,” BMS advised.

This is part of the resolution passed by the 145th national executive committee of Bharatiya Mazdoor Sangh at its two-day meet undergoing in Rajathan.

BMS is aggrieved that none of the hopeful demands raised in trade union consultation has been given any consideration in the budget and said such a consultation is a mockery.

According to BMS, proposal to separate government pension trust from PFRDA brings to light the wide disparity in NPS between government employees and other employees.