The threat of India reeling under the adverse impact of a severe economic recession loomed large as the government continued to promote corporate bodies as did the United States, CPI(M) leader Sitaram Yechury said on Monday.
The U.S. was bogged down by recession by unduly encouraging corporate bodies, the CPI(M) MP told journalists here. “Industrial economy was on the verge of reaching a stage of recession.” The only way out for the United Progressive Alliance government was to give up the pro-capitalist policies and increase public investments.
The government had extended tax concessions to the tune of Rs.15 lakh crore hoping that the measure would give an impetus to growth, but it had benefited only industries. The funds ought to have been used for making public investments to promote agriculture and economic growth and creation of infrastructure to generate jobs. Stoppage of tax concessions would not warrant levy of new taxes, Mr. Yechury said.
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The CPI(M) leader emphasised the need for sincere efforts by the Union government to secure data of persons and get back the black money stashed away abroad. This money could be used for public good. The party would raise the issue in the budget session of Parliament.
Mr. Yechury lamented the inept implementation of the Right to Education Act and brushed aside the Centre's claim that it was facing resource crunch to supplement the resources of the States. The Centre was disinclined to augment agricultural infrastructure and hence lakhs of hectares of farmland remained uncultivated and remunerative prices for crops was a far cry, he said.
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Telangana issue
On the Telangana issue, the Rajya Sabha member faulted the Centre for failing to take a decision even one year after the Justice Srikrishna Commission submitted its report.