KOCHI: Criticising the Centre for its move to reduce the Government's share in the State Bank of India, CPI (M) general secretary Prakash Karat has warned that Left parties will defeat in Parliament any Bill to this effect.

"The Left parties will oppose any Bill to amend the SBI Act to give effect to the Union Cabinet's decision yesterday [Thursday] to reduce Government holding in the SBI from 58 per cent to 51 per cent," Mr. Karat told a CPI (M) rally here on Friday evening.

He recalled that the Government had to shelve its move last year to allow foreign banks to buy into Indian banks up to 74 per cent of the shares, through the Banking Amendment Bill, because of the Left's opposition and warned the Government that the amendment Bill would meet the same fate. He reminded the UPA Government that it could not survive without the Left's support.

The rally, organised by the Ernakulam district unit of the CPI (M), was part of a series of such rallies being held by the party to explain to the people its standpoints on various national issues and to highlight its demands as regards the Common Minimum Programme. So far, over 50 such rallies have been held and 150 more would be held across the nation.

Mr. Karat said the public sector SBI was the largest bank in India and any move to dilute the public holding in it would be resisted. If the UPA Government were allowed to offload seven per cent of the shares now, a future Government would offload two per cent more, thus handing over the bank's control to the private sector. His party does not want this to happen.

Referring to the Government's recent failed attempts to sell shares of profit-making public-sector units such as the National Aluminium Company and Neyveli Lignite Corporation, Mr. Karat asserted, "As long as the CPI (M) is supporting the UPA Government, we will not allow liquidation of PSU assets."

He wanted the Government to review its policy on special economic zones. "We demand that the whole idea of SEZs be reconsidered." He alleged that in Congress-ruled States, large chunks of land were being doled out to large business houses to set up SEZs. But most of these lands were being turned into real estate ventures.

He wanted the Government to ensure that the SEZs were not misused for profiteering and real estate business, that the rights of farmers whose lands were being acquired should be fully protected and that there was no forcible eviction of land-holders.

Alleging that the Government was currently weakening the public distribution system by hiking prices and reducing food grain quotas, he wanted the PDS to be strengthened in order to provide food security to millions of poor people and also check inflationary pressures. He also said the Left would resist any further increase in petroleum prices.

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