Modi government destroying regulatory mechanism: Yechury
New Delhi, June 30 : CPI-M leader Sitaram Yechury on Saturday targeted the Narendra Modi government over the approval given by the IRDAI to LICs plan to buy 51 per cent stake in debt-ridden IDBI Bank and alleged that it was "destroying regulatory mechanism and practising cronyism of the worst kind".
The Communist Party of India-Marxist leader said LIC's money is public money and accused the government of bailing out rich defaulters by diverting people's money.
"Bailing out rich defaulters, by diverting peoples' money. LIC is public money. Why no recovery of loans from rich defaulters? Cronyism of the worst kind by this Modi government. Rich can loot and scoot, the common Indian will pay back their loans," Yechury tweeted.
"LIC is not supposed to be in banking. It is being forced by suddenly changing rules. Regulatory mechanism being destroyed by Modi government so that defaulters don't have to repay. What is going on?" he added.
The media reported on Saturday that the Insurance Regulatory and Development Authority of India (IRDAI) had approved the plan of Life Insurance Corportation of India to buy 51 per cent stake in the state-owned IDBI.
Congress leader Kapil Sibal also raised questions over the IRDAI move and slammed the government over its management of economy.
"Rupee all time low, IDBI bail out by LIC for unmanagable NPAs and deposits by Indians in secret Swiss bank accounts rise by 50 per cent in 2017. Who is in ICU Modiji: Economy or NDA or Achhe Din?" he said.
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Cong slams Modi govt as 'anti-worker', calls for review of new Labour code
New Delhi (PTI): The Congress on Friday accused the Modi government of being "anti-worker" and demanded that the new labour code be reviewed, MGNREGA be revived as well as a national minimum wage of Rs 400 per day be established.
On International Labour Day, Congress president Mallikarjun Kharge took a swipe at the government and said unemployment in India today is a direct consequence of the 'Hum Do, Hamare Do' policies.
"Driven by the 'Hum Do, Hamare Do' policy, the Modi government implemented an anti-worker Labour Code. As a result, unrest has erupted everywhere - be it in Noida, at the IOCL facility in Panipat, Adani's factory in Raikheda, NTPC Patratu, or the Samsung factory in Sriperumbudur," Kharge said in a post in Hindi on X.
Instead of ensuring job security, this Code promotes policies such as contract labour and 'Hire & Fire' practices, Kharge said and called for a review of the new Labour Code.
The Modi government has effectively dismantled MGNREGA by forcibly pushing legislation through Parliament, he alleged.
"Mr. Modi has shifted 40% of the wage burden onto the State governments. State governments are unable to bear this financial strain and will eventually be forced to stop providing work," he claimed.
The Modi government has compelled workers into a state of unemployment and pushed them towards 'gig work', Kharge said.
Currently, 69% of the workforce is working for wages below the statutory minimum wage, he said.
The Modi government has engineered a crisis of stagnant wages, Kharge alleged.
"When adjusted for inflation, the wages of the majority of India's workers have grown by less than 1% annually over the last decade (from 2014-15 to 2022-23)," he said.
The Modi government has created a massive unemployment crisis among the educated workforce, specifically, among graduates, Kharge claimed and added that jobs have been eliminated through the sale of Public Sector Undertakings (PSUs).
"The government has refused to fill approximately 30 lakh vacant government positions. Furthermore, the government's policy blunders have led to the decimation of Micro, Small, and Medium Enterprises (MSMEs)," the Congress chief said.
The Congress reiterates its five demands for India's workers including revival of MGNREGA and its expansion to urban areas, Kharge said.
He said a national minimum wage of Rs 400 per day should be established, with MNREGA included within its scope.
Kharged demanded that a 'Right to Health' law must be enacted, providing Universal Health Coverage of up to Rs 25 lakh for laborers and workers.
"'Life Insurance and Accident Insurance' coverage must be provided for all unorganized workers. Preventing the contractualization of employment must be made a core priority of the government, and the new Labour Codes must be reviewed," Kharge asserted.
