CPI(M) for reversal of 'neo-liberal' reform process

"There are no lack of resources in India to reverse the above trends regarding growing poverty and malnutrition. What is required is a reversal of the current neo-liberal reform trajectory and, in its place, set in motion a process of pro- active State intervention through significant increases in public investments," CPI(M) leader Sitaram Yechury said.

Quoting 2012 World Bank Report on Global Hunger, he said, "In terms of relative hunger measurements, India ranks at number 65 in a total of 79 countries assessed by the Global Hunger Index 2012. Neighbouring Pakistan and Nepal are ranked higher."

"What is worse is the World Bank's latest data on child under-nutrition from 2005-10 that ranks India second to last on child underweight out of 129 countries. Only Timor-Leste (try to locate this country on the map) had a higher rate of underweight children," Yechury said in an editorial in the forthcoming issue of party organ 'People's Democracy'.

Maintaining that the rich have indeed become richer, he said, "Apart from rise in the number of US dollar billionaires -- 54 of them holding assets equivalent to a third of India's GDP -- the top 500 listed corporate companies in the country report that for three years ending March 2012, they held cash reserves of over Rs 9.3 lakh crore (USD 166 billion).

"This money is enough to double India's power generation capacity or build 40,000 kms of six-lane highways every year as against the current 800 kms," Yechury said. (MORE)