All the forces opposing the invasion of foreign capital, not only in banking sector, but in all sectors as well, should be mobilised so that political parties are compelled to change their policies, State Planning Board member K.N.Harilal has said.
He was inaugurating the first global banking trade union convention of the All India Bank Officers’ Confederation (AIBOC) here on Sunday.
Initiative
He cited the recently formed Movement for India’s Financial Independence, a collective of various organisations working in the sector, as one such initiative, which is aimed at challenging the attempts to surrender the financial independence of the country to foreign capital.
“Failure of banks is becoming increasingly common across the world. Now, we are also in a crisis due to the growth of Non-Performing Assets. All of our savings are in the hands of private players. If the banks are in the control of foreign capital, they will dictate the policies. They will decide where to invest. Their involvement will be dangerous to our country and the people,” he said. Mr.Harilal said that agreements like ASEAN are proving detrimental to native farmers and cultivators. Multilateral agreements are adversely affecting the growers of products in third World countries.
The governments which signed these pacts are not able to foresee issues agriculturists may face, he said.