CPI(M) to oppose UPA's decision to divert surplus PSE funds

Bangalore, July 28 (UNI) The Communist Party of India (Marxist) will strongly oppose the UPA government's decision to divert 30 per cent of surplus funds remaining with the Navaratna and Miniratna Public Sector Enterprises (PSE) into equity based mutual funds.

Speaking to newspersons here today the CPI(M) General Secretary Prakash Karat cricitised the decision of the UPA governmentto divert 30 per cent of the surplus funds of the PSE's and urged to rescind it.

''The decision of the Centre to divert surplus funds into speculative business is a retrograde step and it amounts to wasting public resources on socially unproductive investments,'' he said.

Urging the Centre to utilise the surplus fund available with the PSE's to fund infrastructure projects and social sector schemes, he alleged that UPA government seemed to be more interested in fuelling stock market boom, by using public sector surpluses.

''The experience of the UTI scam, where a huge amount of public funds have squandered through speculative investments, should have precluded such a reckless decision,'' Mr Karat said.

The CPI(M) leader also urged the Centre to come out with an Action Taken Report (ATR) on the recommendations of the Justice Sachar Committee on minorities in the coming Session of the Parliament. ''Even after eight months of submission of the Justice Sachar Committee Report, the Centre has failed to take any positive step towards empowerment of the minorities,'' Mr Karat charged.

Referring to the reports on price hike of petroleum products Mr Karat felt the need of restructuring the tax-ratio and he said based on the global increase of oil prices, the domestic taxes also should be hiked.

''India is one of the highest tax levied country in the world and any increase in oil prices would adversly affect the common man'' he retorted.

UNI