Globalisation has hit domestic companies, says Yechury

BANGALORE NOV. 9. The CPI(M) Politburo member, Sitaram Yechury, said here today that the market base of the domestic companies was shrinking due to the globalisation policy of the NDA Government.

Mr. Yechuri, who was inaugurating a national seminar on "secularism, power reforms, and industrial and agricultural crisis'', he said the globalisation policy had challenged the principles of economic self-reliance and sovereignty. The basic prerequisites for progress and development were being put to serious threat.

The country was facing contradictions in many aspects of development. Development of capitalism was not possible without destroying the feudalistic order. The country's capitalists had a narrow social base as they compromised with feudalists for power. Landlords were exploiting a large number of people in the rural areas, he said.

While stating that the rich were not the dominant force to decide the market trends, he said the domestic market faced a crisis in the 1990 due to lack of purchasing power among the majority. As there was no option left to rejuvenate the economy, the country had to adopt the liberalisation policy to expand exports by eliminating trade controls.

The country surrendered its economic sovereignty to "unscrupulous'' institutions such as the IMF and the World Bank. Various conditions were being imposed on the country by these agencies for loans for structural adjustment programmes in different sectors of the economy. According to a CAG report, the Union Government had borrowed Rs. 16 lakh crores from institutions such as the IMF, the World Bank, and the ADB. The country was paying Rs 1.5 lakh crores per annum as interest on loans, Mr. Yechury said.

The NDA Government consisted of Ministers of various ideological hues. While Arun Shourie supported disinvestment and privatisation, George Fernandes and Uma Bharti opposed it. The Government was supporting the rich by giving subsidies to the corporate sector to the tune of Rs. 5,000 crores.

The Government expenditure on public health, education, and anti-poverty schemes had declined in recent years. The agriculture growth rate was below the population growth rate. The economic recession in the West had affected various domestic sectors. The growth rate could be accelerated only by effective implementation of land reforms and empowerment of the poor.

Mr. Yechury criticised the BJP's political campaign in Gujarat, and said the party and the RSS had been nurturing the Hindu-Muslim divide to consolidate the support of Hindus. The electorate should teach a lesson to the BJP by voting out the Modi Government, he said and called upon the people to strengthen the movement to protect the democratic and secular fabric of the nation.

`A business enterprise'

The former Judge of the High Court, H.G. Balakrishna, who presided over the function, criticised the Union Government for drifting from its Constitutional goals.

Politics had become a business enterprise for many leaders, he said and condemned the militant nationalism advocated by the RSS. The RSS leaders had been propagating Hindutva to suppress the rights of minorities. The plurality of the Indian culture was under threat due to the "crazy'' ideas of Hindu fanatics.

He opposed safronisation of school textbooks. The closure of public sector industries had increased the unemployment problem.

The two-day seminar is being organised by the "Save India Committee" at the Senate Hall, Central College campus, Bangalore.

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