A day after the Centre?s announcement that public sector undertakings (PSUs) can invest their surplus funds into mutual funds, the CPI(M)?s trade union wing, Citu, has demanded that the money be instead used for creating infrastructure and public assets.
?Total reserve and surplus of profit making PSUs is more than Rs 3 lakh crore. Out of this, only 30-35% is being invested in public sector.
The government, instead of mobilising this huge resource for investment, has been squandering all its time and energy for disinvestment or public-private partnership or FDIs,? CPI(M) politburo member and Citu president MK Pandhe said.
He added that the enormous surplus amount itself had proved that the government?s claim that there is a resource crunch for welfare projects is a farce. ?The Citu has been campaigning consistently that the government?s plea of resource crunch to justify private-public-partnership is only a ploy to divert public saving to private ownership for private gains,? Pandhe added.
The senior CPI(M) leader also urged the Centre to utilise the reserve and surplus fund for public investment with ?necessary backup? from the debt market.
