The Communist Party of India (Marxist) has slammed the UPA-II government for allegedly pushing the nation in the zone of uncertainty and instability in all spheres. The CPI(M) has said that the economic situation has deteriorated in the country and that there is an overall slowdown in growth. It held the Manmohan Singh government responsible for the contraction in industrial production, uncomfortably high inflation and the widening current account deficit on the balance of payments.
The CPI(M) further said that owing to the fiscal mismanagement and neo-liberal policies pursued by the UPA government, the Indian currency has been on a slide and has fallen almost to Rs 63 against one US dollar. The steady depreciation of Rupee has eroded investors' confidence in Indian economy and also contributed to the outflow of investment under Indian entrepreneurs.
The party also accused the Manmohan Singh
government of encouraging mismanagement of the economy and helping northward trend of the prices of all the essential commodities, particularly those of vegetables. "Petrol prices were hiked five times in the last seven months amounting to over Rs. 7.30 per litre. This has contributed to the high inflation. The falling industrial production is leading to more joblessness", said the CPI(M) in a press release.
The CPI(M) charged the UPA government with increasing the dependence of India's economy on foreign capital via FDI, which "will only worsen the problem".
The Marxist party also alleged that the UPA is acting in haste in implementing the food security scheme. It said, "the Food Security Bill is flawed and insufficient to meet the requirements of ensuring food security for all citizens."