It’s a gloomy Diwali this year for millions of public sector employees in India

A week ahead of the country’s biggest festival, Diwali, workers at various state-owned companies are protesting unpaid salaries, pending wage revisions, and the possibility of job loss. For instance, national carrier Air India and telecom players Bharat Sanchar Nigam (BSNL) and Mahanagar Telephone Nigam (MTNL) are bleeding. On the other hand, state-owned lenders are burdened by non-performing assets (NPAs), which prompted the Narendra Modi government to announce a series of mergers, after which the banks have become overstaffed.