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Saturday, August 6, 2011

CPI(M) fears another global recession affecting India!


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PTI / The Hindu / KOLKATA, August 6, 2011.

CPI(M) General Secretary Prakash Karat, speaks during a CPI(M) Central Committee meeting in Kolkata on Saturday. Photo: Sushanta Patronobish
CPI(M) General Secretary Prakash Karat, speaks during a CPI(M) Central Committee meeting in Kolkata on Saturday. Photo: Sushanta Patronobish - The Hindu.

The CPI (M) is apprehensive of a repeat of the 2008 global recession that may hit India due to the U.S. debt crisis.

“The 2008-repeat of global recession is likely to hard hit Indian economy this time too as a fallout of the U.S. debt crisis,” party sources said as the CPI(M)’s central committee began its two-day session here on Saturday.

“The central government’s gradual loss of control over the financial sector will pose a serious threat to national economy and this may result in bank failure,” the sources told PTI.

The central committee meeting presided over by General Secretary Prakash Karat, took up for discussion issues pertaining to the danger of another global recession, the Bank Nationalisation Amendment Bill and the Pension Fund and Regulatory Authority Bill.

It also discussed the 2G scam describing it as the ‘worst since independence’, the CAG rapping Delhi Chief Minister Sheila Dikshit and the union government for wasting public money and corruption in high places.

The party also held that the Lokpal Bill was ‘weak and inefficient’ as it did not include the Prime Minister and the higher judiciary.

Urging the Centre to amend the Bill’s provision and include the PM, the party said “it is difficult to understand why only former prime ministers will fall in the Bill?”


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