With capitalist countries like the USA, UK, and Japan experiencing unprecedented economic downslide, India should not remain aloof from its international financial implications, and start thinking in order to provide a viable alternative to bring the world economic order back on rails. The Bharatiya Mazdoor Sangh (BMS) has already initiated the process of research and thinking in this field, disclosed Udayrao Patwardhan, Secretary (HRD) of the BMS.
He was addressing the concluding session of the three-day All India Workshop of BMS at Smriti Bhavan premises.
Shri Patwardhan said that the BMS has been doing homework by organising a series of workshops and seminars to suggest the ways and means to the Government in order to tide over the impending economic crisis. He claimed that the BMS was the largest trade union in India representing organised and unorganised sectors in the country. He added that the BMS was aware of its commitment to labour welfare and strengthening the economy of the country in the wake of the global financial crisis caused due to recession in the USA.
The BMS leader was of the view that the turbulence in the global financial system was flagged off by the USA following its hurried lending from the financial institutions to people at very low interest rates of one per cent. While doing so, they did not look into the repaying capacity of the borrowers. A major portion of these loans were advanced for housing projects. But when these financial institutions started feeling the pinch, they started revising their interest rates upwards. This upward revision made the American borrowers unable to repay the loans. As such about 40 lakh people defaulted in paying installments which finally resulted in the collapse of the American economic system. In order to control the downslide the US started withdrawing its money from the Arab and other countries resulting in turmoil and panic in the global financial set up and derailing the world economic order, Shri Patwardhan explained.
The BMS leader further said that Europe also feels that there has to be change in the global financial system. Dollar should not be the only criterion to rule the world when its value has gone down to a great extent. The valuation of Indian Rupee with US Dollar should not be Rs 50/-. This is nothing but sheer loot, Shri Patwardhan said.
He urged the BMS activists to study the situation and conduct suitable research in this field to offer the world a new viable and progressing economic system in the future.
Earlier, the BMS General Secretary Lakshma Reddy inaugurated the three-day workshop. In his inaugural address Shri Reddy stressed on the need to amend labour laws in the wake of new developments. He urged the members of Bharatiya Shram Shodh Mandal, a research institute set up by the BMS, to go into the details of such amendments.
India earned political freedom but the economic freedom is still miles away Shri Reddy said and urged the BMS workers to work towards achieving this economic freedom. Commenting on the budget of UPA Government, Reddy said that this budget was prepared keeping the interests of rich and corporate companies only. By not collecting more taxes from the corporate sector or rich people the Finance Minister was talking of disinvestment in public sector in the name of ‘Public-Private Partnership’. If the government was so interested in public participation then why did not in corporate sector, Shri Reddy asked.
The workshop was prominently attended by Shrikant Dharap, Vice President of Maharashtra BMS unit, Advocate Saji Narayan from Kerala, RV Subarao, Girish Chandra, Akhtar Hussain, Vasantrao Pimplapure, Gitatai Gokhale and others.
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