Other States

Even President has admitted trickle-down theory does not work, says Buddhadeb

Former West Bengal Chief Minister Buddhadeb Bhattacharjee lashed out at the policy of economic liberalisation here on Sunday pointing out that even President Pranab Mukherjee has admitted that the trickle-down theory has not been effective.

“Critical self-evaluation”

“President Pranab Mukherjee has said that the trickle-down theory has not worked for the country. I do not know if this is his criticism or a critical self-evaluation. Whatever it may be, he has spoken the truth,” Mr. Bhattacharjee said at a function organised to commemorate the birth anniversary of Muzaffar Ahmad, one of the pioneers of the Communist movement in the country.

Shortly after he was sworn in as the President on July 25, Mr. Mukherjee had said: “Trickle-down theories do not address the legitimate aspirations of the poor.”

Mr. Bhattacharjee, who is also a member of the Polit Bureau of the Communist Party of India (Marxist), said that the country has run into trouble after the Congress-led government decided to go with the view predominant in the United States and Europe that Capitalism is the only way forward.

“Even as there is a crisis in capitalism in the developed world, the Government of India is turning to countries in Europe and America to bail them out…As if foreign capital is the only answer to our problems,” Mr. Bhattacharjee said, adding that the Centre touted a growth in the Gross Domestic Product (GDP) as a major achievement.

“Everywhere in this country poverty, unemployment and hunger is on the rise….If poverty, unemployment and hunger rise, what is the benefit of GDP growth?” he asked.

Speaking about developments in West Bengal, the former Chief Minister said that there has been stagnation in industry ever since the Trinamool Congress-led government came to power.

“No new investment”



“No new investment has come to the State in the first year that this government has been in power. Every single project announced actually came to the State in the past [when the Left Front government was in power],” Mr. Bhattacharjee said.

Mr. Bhattacharjee also criticised the State government for the poor Law and Order situation in the State, particularly the concerns over the safety of women.

Antisocial elements

“None would claim that there were no incidents of violence against women when the previous government was in power. But, nowadays every day more and more incidents are being reported with no end in sight,” Mr. Bhattacharjee said adding that the situation had arisen “because antisocial elements believe that our government has come to power and it is a free for all.”

State Secretary of the CPI(M) Biman Bose and other members of the CPI(M) Polit Bureau including Nirupam Sen and Surya Kanta Mishra were also present at the function.

This article is closed for comments.
Please Email the Editor

Printable version | Apr 17, 2021 4:13:07 PM | https://www.thehindu.com/news/national/other-states/even-president-has-admitted-trickledown-theory-does-not-work-says-buddhadeb/article3732070.ece

Next Story