National

Only an alternative government can reverse slowdown: Yechury

NEW DELHI: The CPI(M) on Saturday expressed concern over the state of the economy and at how the foreign policy had been made “congruent” to the U.S. Only an alternative political government at the Centre could reverse both situations, the party said here.

Releasing two campaign documents on “The Global Economic Crisis and India: Need for Alternative Pro-People Policies” and “Foreign Policy and Security Issues: Making India a Junior Partner of the U.S.,” Polit Bureau member Sitaram Yechury said a solution to the slowdown would not emerge from the G-20 summit but would come only through a change in internal policy, for which a political alternative government was necessary.

Mr. Yechury said neither the Congress nor the BJP was capable of controlling or reversing the slowdown. The stimulus packages thus far only helped the corporate bodies in “beautifying” their balance sheets without actually addressing the aam aadmi.

The situation had to be tackled internally through a change in policy so as to increase the people’s purchasing power. The CPI(M) called for more stimulus packages, increase in plan expenditure to 10 per cent of the Gross Domestic Product and heavy public investment in infrastructure to generate demand.

The current package was just 0.5 per cent of the GDP, which was among the lowest pumped in by any country, he pointed out. This was absolutely little to rescue the common man already burdened by the double-digit Consumer Price Index. The prices of certain commodities such as cement and steel had come down due to a depressed demand for manufactured products.

Mr. Yechury said that once the economy was well stimulated the funds (Rs. 80,000 crore) that the FIIs had withdrawn would return on their own. There was no need to make an effort to retract the money currently.

Mr. Yechury took a dig at the Prime Minister’s optimism of a change in the economy, saying the secret was that the electoral expenditure was expected to reach everyone right from the corporate bodies to rag-pickers and that it had nothing to do with government action.

On the UPA’s foreign policy, the CPI(M) accused the Congress of not adhering to the promise made in the Common Minimum Programme of sticking to multipolarity in world relations, and instead charting unilateral relations with the United States.

The strategic relations with the U.S. were fraught with danger as they transcended the nuclear deal, encompassing defence deals and logistics support for any misadventure the U.S. might undertake with respect to Iran, Mr. Yechury charged. He feared that India would be obliged to provide refuelling facilities to U.S. planes and warships in such an eventuality.

Mr. Yechury underlined the need for India following an independent foreign policy for peace in its neighbourhood and not to allow its role to be influenced by its “surrogate” relations with the U.S.

Charging that the Congress’ approach was no different from the BJP-RSS thinking, the CPI(M) promised an alternative policy shift with the installation of a new alternative government.

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