The UPA Government is at its wits’ end to improve the industrial growth rate of the country and is cash-strapped due to 6.9 per cent of fiscal deficit, but Prime Minister Manmohan Singh has promised to help Rs.60,000 crore to the European nations that had allowed their economy to be plundered by the capitalists, said Communist Party of India Polit bureau member Sitaram Yechury.
At a special oration on Indian economy organised here late on Saturday, as part of Puchhallapalli Sundarayya Centenary Celebrations, Mr. Yechury took objection to India pledging support to the nations that had allowed the capitalists to loot their nation.
“If there were some natural calamities, a humanitarian help is understandable, but a country, which has to put its own economy in order should not squander money like this,” he said.
Industrial production index had come down and Finance Minister Pranab Mukherjee was being elevated to the post of President leaving the proposed economic reforms to be supervised by the Prime Minister actively supported by Mr. Rangarajan or Montek Singh Ahluwalia, which would open the door for foreign investor in our healthy retail and insurance sectors, he said.
There was a political turmoil in majority of the European nations with governments changing in nine of them and the sixth phase of turmoil would begin there as European nations need to repay all the debts they had taken to put back some of their loss-making banks on rails and they had not money to do so.
He also mentioned the US Government move of 2009 to lend $ 14 trillion to banks that had brought financial crisis there at a time when the US GDP was only $ 15 trillion.
While banks were making profits, the Governments were harping on austerity cutting welfare schemes for the poor in the name of cutting its expenses and the same was likely to happen in India too, he added.
He said that if the Government collected taxes from the industries normally without giving them any concessions, it could wipe out the fiscal deficit and infuse funds into infrastructure sector.
Party district leader Ch.Babu Rao was present on the occasion at the Vedika Function Hall.
