Corporate Impact

TRADE UNION REACTIONS

No major advance in social sector development The Budget fails miserably to provide concrete measures to help the poor, writes MK Pandhe MK Pandhe   Despite announcement of several grandiose schemes on paper, the Budget does not make much advance in the development of the social sector. The funds provided in the Budget for the implementation of employment guarantee scheme do not meet the requirements of providing one job per family in rural and urban household at a minimum wage. The Bill prepared by the Central Government does not even fulfill the minimum requirement provided by the National Common Minimum Programme (NCMP). Moreover, the fund provided for rural development will only benefit the rural rich and the needy poor peasants and agricultural workers will not get any benefit whatsoever. The Budget does not provide adequate funds to overcome the sickness of industrial units both in the public and private sectors which will only aggravate the unemployment situation in the country.The roadmap of banking announced by the Finance Minister will only strengthen the grip of foreign capital in the banking industry leading to centre of credit flow in the hands of MNCs. In the name of making subsidies cost-effective, the Finance Minister seeks to deprive a large section of the needy population from the purview of the subsidies. Even there is no adequate provision of strengthening of Public Distribution System (PDS). Though the Union Cabinet has announced increase in the rate of interest of PF deposits from 8.5-9.5%, the budget does not provide any funds to pay higher returns on the special deposits with the Government. The proposal of the Finance Minister to invest PF money in share market will be opposed by the trade union since it leads to speculative activities which may result in worker losing their money. The writer is president, Centre for Indian Trade Union (CITU)

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