Invest in farm, core sectors to reverse slow down in eco: CPI

Wednesday, November 5, 2008 at 3:11 am

Claiming credit for preventing a much deeper impact of global financial crisis on India, the erstwhile UPA ally CPI today said the present economic slowdown will not be temporary unless investments in agriculture and the public sector are stepped up.

“If the Left had not opposed pension funds going into stock market, India’s GDP would have been finished in view of current crisis in capital markets. The Left will keep protesting bank reforms and capital account convertibility,” CPI Secretary D Raja said here at a function organised by Assocham.

The present slowdown will not be temporary and is going to stay in India for longer until public investments in agriculture and infrastructure are increased, he added.

Referring to the steps taken by the US for bailing out its financial institutions, Raja said the US has not been taking adequate measures for tiding over the global financial crisis. “US has tried to protect its own economy. It is trying to bail out its own financial institution,” he said.

Raja said the US is passing on the burden of the crisis on developing economies and there is a strong need to reform and democratise institutes like International Monetary Fund and World Bank.

He further said the currency system of India is also tied up with the US dollar, which needs to be changed now.

Referring to the job cuts he said, “the Prime Minister should come forward with a threat of nationalisation against those utilities in private sector that have secret plans to downsize their workforce with an intended purpose to further accelerate their profits on pretext of slowdown.”

(Agencies)

( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)

Invest in farm, core sectors to reverse slow down in eco: CPI

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