Hyderabad, Jul 8 (FN Representative) Stating that “the pandemic has shown how we are in ‘collectivity’ and together we need to strengthen the public sector for welfare and security of the common people,” Dr Prof Arun Kumar, Economist, JNU Delhi opined. He said the role of public sector is to strengthen the country and if its presence is strong, people can expect to have more control over the policies in any situation. Sharing his opinion and insights, on the ongoing privatisation row being driven by the government in the Banking Industry, on the seventh day of the month-long AIBEA National Webinars to commemorate the 52nd anniversary of Bank Nationalisation on Wednesday night, he raised the question on the way everything is getting marketized and commercialised.
Prof Arun Kumar further established the necessity to have a strong public sector which imparts sense of being collective, in the country. The World Bank, International Monetary Fund (IMF) imposed their dictates and developing nations could not sustain their economies. Inequalities grew more than what it was in 1930s. The pandemic has increased the inequalities. Stock markets have reached record high and on the other hand, large number of people have lost employment, lost their jobs and pushed to poverty. Some sectors like telecom, e-commerce are doing well but unorganized sector suffered a lot. Reports state that 230 millions have pushed below the poverty line, the economist said.
He said what we see in the last 60-70 years, marginalized sector became more marginalized. After the introduction of reforms, 1% gained while 99% stood to lose. While the financial sector gained even after financial crisis 2008, other sectors did not do well so much. When the record fall in GDP growth is on the one side while the stock markets are reaching sky high. Uncertain situation is there at present in the economy, the Speaker said and shared the changing thinking pattern of people which is result of the increasing marketization. Prof Arun Kumar further highlighted the gaps on different facets of the society wherein Indian economy is in crisis, increasing inequality in the country, and how the country has the lowest poverty line. Overall the current factors paint a sad picture of India’s economic scenario, he added.
Admist all this, privatising public sector that supports people is only going to push things beyond manageable situations. He concluded by stating that consumerism has increased the individualism but the collectivity and collective work got lost. But, pandemic has shown that collectivity is the only solution and for that public sector should be encouraged. But, in India, privatisation is being encouraged. This is where the trade unions and farmers should fight against these moves. Atmanirbhar package depends on privatisation and it should not be allowed. Only through creation of jobs, money can be put in the poor people’s hands and it will improve the demand, he said. Through the ongoing seminar series, AIBEA is amplifying the popular opinion of public sector being the lifeline of the nation. The association stands strong with its ambition to reinstate the sector so that people’s money is utilised for people’s welfare only.