CPI blames Manmohan, Chidambram for economic crisis

New Delhi : Communist Party of India(CPI) on August 20,2013  squarely blamed the Prime Minister and the Finance Minister for the present “ pathetic” economic situation in the country, calling for the nationwide people’s struggles to force the Congress-led UPA( 11)  government to abandon its neo-liberal policies.

“We are worried India has to pay dearer for the fault of keeping the UPA (11) in power. Bigger struggles of the people are expected in the coming months,” CPI general secretary S Sudhakar Reddy said here.

Sudhakar’s remarks came a day after the Indian rupee continued to plumb new depths recording its biggest single day fall in a decade on Monday. With rupees 63.30 to a dollar it touched its lowest ever, recording biggest single day fall in a decade.

 He said while the prices of food grains and other essential commodities are going up, the burgeoning unemployment and all prevailing corruption are other major worries. The credibility of the UPA (11) is at its lowest ebb.

“This will lead to more serious complications in the political arena.  A weak government can not solve the problems of the nation,” CPI general secretary said.

He said Manmohan Singh’s neo-liberal economic policies coupled with Chidambaram’s arrogance had created the present position.

Pro-corporate policies added fire to the fuel.

“A weaker government, which is unwilling to take strong measures to control prices, implement labour laws is causing much harm to the man-in- street and the nation. There is no other solution except fighting back these anti- people policies of the Congress-led UPA government.”

 Giving a historical overview of the present economic situation, the CPI general secretary said the fall of the rupee versus dollar is a” symptom” of crisis of Indian economy.

 In spite of tall claims of the Prime Minister and the Finance Minister they failed to stop the fall of the rupee. In 1947 Indian rupee was equal to the dollar. In late 1960’s it was 8 rupees a dollar. Under the leadership of Chidambram as the head of the Indian financial system, it had gone down to over 63 rupees to a dollar.

 Furthermore, he said, foreign exchange had now only 6-7 months reservoir. This is a pathetic situation. Chidambram is to be squarely blamed because instead of finding scientific alternatives he made India to believe that FDI’s would solve all the problems and they are coming in plenty.