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Superpower US among weakest economies, says TU leader

The United States of America which champions the cause of free market regime is itself among the weakest economies of the world and the economy badly needs state’s support. Apart from being the most indebted country the super power also faces problems like a high fiscal deficit, rising unemployment and economic recession. In such a condition the US government is forced to resort to subsidies and other similar doles to support the economy. Whereas the same America has been preaching against such practices in the name of free trade, said the President of All India Insurance Employees Association E M Sundaram.

The eminent trade union leader was speaking at Ruikar Memorial Lecture series organised at Ambedkar College.

He added that the Federal Government has a high fiscal deficit of 4 per cent, while the states’ deficit quantum is not released at all he said.

The pension funds in that country are going bust, and the fund managers are turning to the government for support. Except India the country is indebted to most of the south east Asian countries including China and Japan, he said. “If countries like India and China wake up to their potential, then the American economy can collapse in no time,” said Sundaram,

Arguing against the theory of economic liberalisation which allows a free play to the market forces with gradual reduction of the state’s intervention, he said if the US government is forced to intervene in the economic process then why should it not happen in other countries.

He said free trade can never be fair for the people, and there is always a need for the government to intervene for the masses’ benefit.

Even the capitalists supported government intervention and resource mobilisation in order to boost the economy. This is a part of keynisian theory of economics. Now if the state control is withdrawn in the name of free trade or reforms it will mean going 150 years back when the classical theory of economics professed by Adam Smith was prevalent.

Whereas the real economic reforms undertaken after the World War II had a scope for state’s intervention, he said .

Lashing out at the UPA Government, he said that the Prime Minister, Manmohan Singh and his colleague P Chidambaram should keep in mind the domestic scenario while framing the policies rather than working on theories of growth borrowed from the West.

He doubted if the government has enough ways and means to fulfill the promises made in the common minimum programme (CMP). “Chidambaram declared a zero resource budget, and while there is a lot to be done under the CMP,” he said.

Sundaram also lamented about lack of enough credit to the agriculturists. While on one hand if the government wants to step up farm credit, the capital adequacy norms based on Basle accord do not allow the banks to lend the farmers.  If the government indeed wants to ensure better credit inflow to the farmers, there should be a proper amendment in the rules, said the expert.

Sundaram said that Indian banks need not follow the Basel norms which are nowhere in lines with the local conditions.

Eminent economist Professor S Khandewale was also present in the meet. Khandewale in his speech also criticised the free trade regime.  Others present included Malti Ruikar, Yugal Rayalu, and others.

MOIL bags National Safety Award

Manganese Ore (India) Limited (MOIL), a ‘Miniratna’ public sector enterprise and a premier mining organisation engaged in mining of manganese ore, has bagged the prestigious National Safety Award for the year 2001 for its Gumgaon mine.

The trophy was presented by Union Minister for Defence, Pranab Mukherjee, to MOIL’s Chief (Mines) A K Biswas and Anantram Bhoyar who represented Gumgaon mine’s workers. Union Minister for Labour and Employment Shesh Ram Ola was also present at the function which was organised at New Delhi recently.

Other present included MOIL’s Chairman-cum-Managing Director P M Reddy, Director (Production and Planning) S M Bothra, General Manager (Safety and Training) C P N Pathak and Senior Deputy General Manager (Mines) A K Nag along with MOIL Kamgar Sanghathan’s President Ramkripal Khursel and General Secretary Ramavatar Dewangan.

The Gumgaon mine of MOIL has been has been adjudged as the best underground mine having the lowest injury frequency rate.

This same mine had won the award for the year 2000 too. These awards are given after a careful scrutiny of mine safety records by the office of the Director General of Mine Safety (DGMS).

Beef up rural power infrastructure: CPM to Govt 

Business Bureau 

The Communist Party Marxist (CPM), is pressing the government to come up with a rural electrification programme for rest of the country in lines of one which is existing for north east and Jammu and Kashmir.

This was informed by Basudev Acharya, the leader of CPM in the Parliament, during an interview with The Hitavada. Acharya was in the city to attend the national conference of All India Civil Accounts Employees Association.

The proposal has been cleared by the Power Ministry, however it awaits the Ministry of Finance’s endorsement, he said.

Under the proposed plan, the unelectrified villages would be provided power through 90  per cent of grant and 10 per cent loan, he added.

The demand was raised recently, and is apart from the proposed agenda in the common minimum programme, said Acharya.

CPM has also opposed the draft power policy of the United Progressive Alliance (UPA) Government on various counts, he said. The draft policy which is a review of the Electricity Act 2003, has been sent to various states for its consideration around a couple of months ago. However, the CPM which is supporting the Congress-led UPA Government has vehemently opposed some of the points in it, he said.

The CPM is against the unbundling of state electricity boards (SEBs) and opening up of transmission and distribution functions for the private sector, added Acharya.

Similarly the CPM has also approached the Ministry of Finance against downsizing of Income Tax Department and outsourcing of various jobs in this department, he said. Acharya said he had earlier written a letter to the Finance Minister P Chidambaram and the latter has assured to look into the matter. A meeting will be held in this regard on November 19, he said. He will also take up the issue of rural electrification during the meet.

CPM has also succeeded in preventing the government from coming up with an ordinance amending the Patent Act 2001. The Minister of Commerce Kamal Nath wanted to bring some changes in the act through an  ordinance so as to comply with the World Trade Organisation (WTO) conditions by January 2005.

“However, our party has asked him to have a bill passed  in the Parliament. The Minister was suggested to put up the proposed bill before a select committee so that it can gather the views of those concerned with new thr law,” said Acharya.

Later a special session of three days should be held in the Parliament to discuss the bill. The Marxists apprehend that the new law in its present form would prove detrimental to the indigenous pharmaceutical industrie’ interests, he said.

It is expected that the bill will be tabled for discussion in the winter session, mentioned Acharya.

He also criticized the pension plan for unorganized sector introduced by the previous government. “The plan introduced by the then  Labour Minister Sahib Singh Verma was a hoax. It had no mention of how the pension scheme would be funded. The common minimum programme has social security scheme for the unorganized labourers in its agenda,” and will be implemented soon, he said.

‘FDI is OK where it doesn’t hurt’

The Communist Party Marxist (CPM) is not averse to foreign direct investment (FDI) in those sectors which do not hamper the indigenous industry. Replying a question on why CPM-ruled West Bengal itself is keen on inviting foreign investment, he said that it is only in a few sectors. The indigenous industries do not face any threat if there is a hike in FDI these sectors which include— electronics or other technology-related industries. However the party would certainly oppose increasing the FDI cap in sectors like insurance, aviation and telecommunication as it feels this would harm the nation’s interest, he said.

MPCB directs closure of Trimurthi Ispat

In a major exercise, Maharashtra Pollution Control Board (MPCB) has issued closure notice to M/s Trimurthi Ispat Private Limited, Kalmeshwar for causing excessive air pollution in the area.

The notice, issued on Tuesday, has directed Trimurthi Ispat to shut down its operations immediately. The closure will remain in force till the unit installs the required pollution control systems.

“We have also submitted a copy of the closure notice to MSEB and MIDC and have asked them to disconnect electricity and water supply,” the Regional Officer of MPCB, V M Motghare said while talking to The Hitavada. The notice has been served under various sections of Air Act 1981 and Water Act 1974.

The MPCB action follows several complaints made against Trimurthi Ispat. Interestingly, most of the complainants were fellow industrialists having their units around the polluting unit.

Trimurthi Ispat is a sponge iron plant manufacturing iron and steel. The unit uses coal, diesel and other inflammables for burning raw alloy in furnace. Consumption of raw coal is around 40-50 tonnes per day. Due to huge consumption of coal as well as inadequate pollution control system, carbon dust emanating from chimney spreads over nearby areas causing a major health problem to residents as well neighbouring industrial units, it was alleged in the complaints.

According to the complaints, people working in neighbouring units are suffering from problem of asthma and other ailments. Some of the units near Trimurthi Ispat are in the food and textiles sector. The carbon dust emanating from Trimurthi Ispat spoilt the quality of their products, causing them huge losses, it was alleged.

Among the units which complained against this pollution are Navjivan Dall Mill, Sultana Oil Industries Private Limited, Anant Extrusions Limited and Laxmi Poly Product.

The complainants said that the law has put several conditions for a sponge iron unit. It should be set up on at least 10 acre land. The unit should be at least 15 km away from residential area. The unit should also create a huge open space for collecting carbon dust particles, they said.

However, Trimurthi Ispat is situated on an area of just 6,000 sq meters. It is close to Kalmeshwar and villages like Seloo and Brahmi.

As there is no open space, the carbon dust particles spread to these villages posing a grave health hazard.

 











 





 








 

 


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