Opinion Financial folly
As far as the Left is concerned,the global financial crisis is far from over,and Europes sovereign debt crisis is the second stage of the meltdown....
As far as the Left is concerned,the global financial crisis is far from over,and Europes sovereign debt crisis is the second stage of the meltdown. It also claims that the possibilities of revival of the Indian economy are likely to fizzle out because of this. The socialisation of private losses and fiscal laxity aimed at stimulating economies in a slump have led to a dangerous build-up of public budget deficits and debt. So the global financial crisis is not over,it has instead reached a new and more dangerous stage, an article in CPI mouthpiece New Age says.
In the context of the deepening economic crisis in the developed capitalist countries,it notes that India requires a radical review and revision of its economic policy and management to restructure its economic,political,cultural and strategic ties within the country and with other developing countries.
India should indeed pursue growth based on the domestic efforts to raise financial resources,labour and market demand,rather than opening its market for foreign investment,transfer of manufacturing by multinational and retail trade by foreign suppliers which is bound to cater to the interest and demand of a small upper stratum of population, it said.
Winging it
That the crisis in Air India is due to the highhanded policy adopted by its chairman,and the very existence of the public sector undertaking is at stake if this situation is allowed to continue this is the CITUs take on the national carrier.
CITU has been discussing the parliamentary standing committee reports on transport and tourism as well as those of the committee on public sector undertakings,which have held the ministry of civil aviation and the Air India management responsible for the present malaise.
A report in CPM mouthpiece Peoples Democracy quotes CITU leader M.K. Pandhe saying that the prime minister should find out why the civil aviation ministry and Air India management were not taking action on these reports. If a high powered inquiry were conducted,one would find that both the minister for civil aviation and the Air India chairman are doing everything to promote private sector companies in civil aviation and damaging the interest of Air India. The present chairman of Air India is openly promoting communal elements in the organisation and suppressing the well-established and recognised unions in it, Pandhe says.
Oil float
With the government undecided on the freeing of petroleum pricing,an article in New Age links it with the recovery from the financial crisis. It says the recovery would be slow if steps are not taken to strengthen the domestic sector and points out that opening and liberalising the process of growth for the multinationals is not the answer. The popular slogan of caring about the aam aadmi is silenced the moment it is suggested that the price at which the refineries sell the product to oil marketing agencies and the prices at which these agencies sell it to the consumers has to be market determined, it says.
Arguing that the freeing of prices would mean greater share of burden to greater share of population,it compares the prices of petrol in India with that countries like Pakistan and Malaysia. In Pakistan,it is Rs 16 and in Malaysia it is Rs 18. Keeping in view the economy of these countries,we in India should have fared better, it says.
Compiled by Manoj C.G.
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