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CPI(M) fears another global recession affecting India

Posted by on August 6, 2011 0 Comment

The CPI(M) is apprehensive of a repeat of the 2008 global recession that may hit India due to the U.S. debt crisis.

“The 2008-repeat of global recession is likely to hard hit Indian economy this time too as a fallout of the U.S. debt crisis,” party sources said as the CPI(M)’s central committee began its two-day session here on Saturday.

“The central government’s gradual loss of control over the financial sector will pose a serious threat to national economy and this may result in bank failure,” the sources told PTI.

The central committee meeting presided over by General Secretary Prakash Karat, took up for discussion issues pertaining to the danger of another global recession, the Bank Nationalisation Amendment Bill and the Pension Fund and Regulatory Authority Bill.

It also discussed the 2G scam describing it as the ‘worst since independence’, the CAG rapping Delhi Chief Minister Sheila Dikshit and the union government for wasting public money and corruption in high places.

The party also held that the Lokpal Bill was ‘weak and inefficient’ as it did not include the Prime Minister and the higher judiciary.

Urging the Centre to amend the Bill’s provision and include the PM, the party said “it is difficult to understand why only former prime ministers will fall in the Bill?”

The meeting’s agenda included the need to strengthen the party in the backdrop of severe poll reverses it suffered in the last Assembly elections and speeding up the rectification drive.

The party expressed serious concern at alleged deterioration of law and order and the killing of 30 CPI(M) workers after the elections and hoped the new government would take action to restore peace.

The central committee would finalise the date of the CPI(M) Congress to be held at Kozhikode in early April and those of States Conferences. Hindu

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