Bailout package should be for labour sector, not for erring capitalists
National Executive Committee of Bharatiya Mazdoor Sangh (BMS) that met in New Delhi on January 29 urged the UPA government to urgently call a labour tripartite meeting together with all stakeholders to discuss the impact of external financial crisis on India and its labour sector. ?India should pursue an economic policy that is based on our ethos. Consumerist greed or desire-based economics has to be desisted. A paradigm shift is needed in developmental strategies, basics of which are found in Deendayal Upadhyaya'sIntegral Human Philosophy, Gandhiji'sHind Swaraj and Thengadiji'sThird Way,? the committee said in a resolution adopted at the meeting. BMS also decided to hold seminars on the issue all over the country by its state and industrial federations.
The resolution further said the government'sstimulus bailout package of Rs. 20000 crore should not go to erring capitalists, but to the labour sector whose toil has saved the country from the crisis. ?The government should increase social welfare and social security spending. This is also an opportunity to fund the large unorganised sector. Investment is required in real economy i.e. agriculture and manufacturing sectors especially the SMEs. We must focus on people, enterprises, real economy (manufacturing and agriculture) guaranteeing basic income and social security, and providing universally accessible basic social services, infrastructure, developmental and welfare activities. Purchasing power of common man has to be increased and domestic market is to be strengthened. Our export-oriented sectors like textile, garments, IT etc. are adversely affected and the affected workers should be given emergency monetary assistance,? the resolution added.
The committee further demanded that the salary of top executives should be rationalised and all CEOs of the failed companies should be replaced and stripped of any compensation, benefits etc. They should be publicly made accountable for their faults and the loss should be recovered from them.