{"id":3191,"date":"2015-01-08T11:53:44","date_gmt":"2015-01-08T06:23:44","guid":{"rendered":"http:\/\/teekhapan.wordpress.com\/?p=3191"},"modified":"2015-01-08T11:53:44","modified_gmt":"2015-01-08T06:23:44","slug":"revealed-the-real-reason-why-coal-india-unions-were-on-a-strike","status":"publish","type":"post","link":"https:\/\/vivekkaul.com\/2015\/01\/08\/revealed-the-real-reason-why-coal-india-unions-were-on-a-strike\/","title":{"rendered":"Revealed: The real reason why Coal India unions were on a strike"},"content":{"rendered":"
<\/a> Coal India<\/b><\/span><\/span><\/p>\n
\nLate yesterday evening, the trade unions representing Coal India workers <\/span>called off their five day strike. <\/span><\/span><\/span><\/a>\u201cConsequent to the intervention by Mr Piyush Goyal, Union Miinister for Coal, strike by Coal India workers called off,\u201d Coal secretary Anil Swarup <\/span>said on Twitter.<\/span><\/span><\/span><\/a>
\nThe meeting of the trade unions with the coal minister Piyush Goyal lasted for over six hours. “The strike has been called off,” Lakhan Lal Mahato, leader of All India Trade Union Congress (AITUC), one of the five trade unions supporting the strike <\/span>told the Press Trust of India (PTI) after the strike<\/span><\/span><\/span><\/a> was called off. \u201cMahato, however, did not share the details of the terms and conditions of the agreement reached between the government and the unions,\u201d PTI reported. The real damage of this agreement (if any) will be revealed only once the details of the compromise agreed upon come out.
\nThe strike lasted two days and led to a dramatic fall in coal production. <\/span>A Reuters report quotes a Coal India official as saying<\/span><\/span><\/span><\/a> that \u201cCoal India produced 645,000 tonnes on Tuesday (January 6,2015), less than half of its usual daily output at this time of year.\u201d
\nThe unions were protesting the government’s decision to disinvest its shares in Coal India and at the same time they don’t want any private participation in the coal sector in the country.
\nThe government wants to sell 10% of its stake in Coal India, which will help the government bring down the fiscal deficit. The fiscal deficit for the period April to November 2014 was at 99% of the annual target. Fiscal deficit is the difference between what a country earns and what it spends.
\nThe government currently owns 89.65% of Coal India and even after selling a 10% stake it will continue to own almost 80% of the company, which is good enough to continue to have managerial control over the company. Hence, the government is not selling out of the company lock, stock and barrel.
\nCoal India was and will continue to be a government owned company. So what is it that the trade unions really feared? For that one needs to take a look at the following table.<\/span><\/span><\/span><\/p>\n