CPIML organized a protest in Bindukhatta (Nainital) and burnt the effigy of Prime Minister Modi against the selling off of public sector companies and against the anti-poor Budget.

Addressing the meeting, CPIML State Secretary Raja Bahuguna said that this Budget will be remembered for benefiting wealthy corporate houses and for accelerating the process of privatization. This Budget is a clear indication of preparations being made to hand over all public sector units to private hands. The decision of disinvestment of LIC is an attack on the country’s economic independence by this so-called ‘nationalist’ government. LIC is the lifeline of the country’s economy. LIC runs all the welfare schemes of this country. Currently 40 crore policy-holders are the owners of LIC. Through disinvestment the government wants to put LIC into the pockets of a few capitalists. By stating that another 150 private trains like Tejas will be run, the Finance Minister has put the stamp of approval on the process of increase in ticket prices and privatization of the railways, the common man’s transport; whereas so far the government has always been denying privatization of railways. This is the same condition that other public sectors are in: banks, defence, BSNL etc.