Trade unions denounce coal privatization, FDI in insurance

Eleven national trade unions Friday denounced the government's move to privatize the coal sector and hike the foreign direct investment (FDI) in the insurance industry.

"Such a move is highly detrimental to national interest besides being totally undemocratic," said a statement issued by leaders of the unions after they met at the Bharatiya Mazdoor Sangh (BMS) office.

The statement flayed the government decision to promulgate ordinances for "de-nationalization and privatization of coal mining and for hiking FDI limit in the insurance sector" besides disinvestment in public sector insurance companies.

They said the coal workers had already declared an industry-wide strike and that the insurance workers were also preparing to protest.

Besides the BMS, those who signed the statement include the Indian National Trade Union Congress (INTUC), the All India Trade Union Congress (AITUC), Hindu Mazdoor Sabha (HMS) and Centre of Indian Trade Unions (CITU).