New Delhi: All India Bank Employees’ Association invited Dr. Prof. ArunKumar, Economist( JNU) in their ongoing National Seminar series to share his opinion and insights on the ongoing privatisation row being driven by the government in the banking industry. The speaker raised the question of the way everything is getting marketized and commercialised. He further established the necessity to have a strong public sector which imparts a sense of being collective, in the country.
The seminar covered how The World Bank, IMF imposed their dictates and developing nations could not sustain their economies. Inequalities grew more than they were in the 1930s. Stock markets have reached a record high and on the other hand, a large number of people have lost employment, lost their jobs, and got pushed to poverty. Some sectors, especially unorganized sectors suffered a lot. Reports state that 230 million are now pushed below the poverty line.
“The role of the public sector is to strengthen the country. In the presence of a strong public sector only can people expect to have more control over the policies in any situation,” said Prof. Arun Kumar
While addressing the attendees at AIBEA, the speaker shared the changing thinking pattern of people which is the result of the increasing marketization. He further highlighted the gaps in different facets of the society wherein the 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. Amidst all this, privatizing the public sector that supports people is only going to push things beyond manageable situations.
The speaker added, “ the pandemic has shown how we are ‘collectivity’. And that together we need to strengthen the public sector for welfare and security of the common people.”
He concluded by stating that consumerism has increased individualism, but the collectivity and collective work got lost. Nevertheless, the pandemic has shown that collectivity is the only solution and for that public sector should be encouraged. However, in India, privatisation is being fed. This is where the trade unions and farmers should fight against these moves. Atmanirbhar package depends on privatisation and it should not be allowed. Unemployment and alleviation of poverty can only be addressed, through privatization.
Through the ongoing seminar series, AIBEA is amplifying the popular opinion of the 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 utilized for people’s welfare only.