Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 479 Fri. September 30, 2005  
   
Business


Strike halts Indian financial activities


A nationwide strike called by Left-backed trade unions protesting Indian government's economic reforms hit financial, industrial and airlines services activities across the country yesterday.

Normal functioning of government-owned banks and insurance companies was disrupted as millions of employees of public sector companies and airports went on a day-long shutdown called in protest against the moves by Prime Minister Manmohan Singh government to divest blue-chip industries, privatise Delhi and Mumbai airports and "dilute" labour laws.

The national strike by Left trade unions, the first since the Congress-led government came to power in May last year, paralysed normal life in the Leftist strongholds of West Bengal and Kerala and all modes of public transport went off the streets of Kolkata. But there is no report of violence from any part of the country during the strike.

Movement of trains in eastern and southeastern parts of the country was crippled as protestors squatted on rail tracks at different places and several long-distance trains were stranded.

Commercial activities came to a virtual halt with shops, schools and colleges remaining closed across West Bengal and Kerala.

Financial services, including public sector banking operations, have also been hit in the financial capital of Mumbai.

Several flights had to be cancelled as employees of airports joined the strike, leaving thousands of passengers stranded.

The government deployed personnel of army, air force and navy to help maintain normal working at the airports.

Seven central Left trade unions led by the CITU and AITUC and 70 industry unions and federations participated in the strike, making it one of the largest stirs in recent times.

The Left parties, which provide crucial support for Manmohan Singh government from outside, oppose sale of government stakes in profit-making public sector units as well as government move to permit FDI in retail, banks and pension funds and hike the FDI cap in insurance sector.

A government decision to sell 74 percent stakes in international airports in Delhi and Mumbai angered the Left parties and their trade unions.