Indian economy in deep crisis: CPI

The CPI on Saturday said the country's economy is "in a shambles", with unemployment "galloping" and the rupee's value falling, notwithstanding "tall claims" of the Centre to raise the GDP to USD 5 trillion.

Addressing a press conference here, CPI general secretary D Raja accused the Modi government of remaining oblivious to the crisis in the manufacturing and agricultural sectors and charged it with "serving interests of big businesses instead of the common people".

"The new budget will be presented on February 1. What is the shape of the economy? It is in deep crisis, in a shambles. Inflation is rising while the rupee is falling. Modi government has completely failed to manage the economy, tall claims of building a five trillion dollar economy notwithstanding," Raja said.

He said unemployment is "rising at a galloping rate".

According to a study, the number of young people committing suicides in the country is higher than the number of debt-ridden farmers giving up their lives, Raja claimed.

All sectors including manufacturing, agriculture and services are facing a "severe crisis", the CPI leader said, alleging that the Centre has given up its pretension of unearthing black money.

"Modi thinks that only the big business houses and the corporates are wealth creators. So his government seems to be devoted to help them only. It does not care for the common people. That is why it has taken the disastrous step of disbanding or privatising public sector undertakings", he alleged.

Railways are public property, which the central government "wants to hand over to the private sector" and they have also started inviting foreign direct investment in strategic sectors like defence, Raja said.

"When people are questioning these policies, the government has no answers. Hence, the BJP and the RSS have embarked on a plan to raise divisive issues to divert public opinion. The CAA is a part of it", he alleged.

The veteran CPI leader said as part of his tour of Bihar, he was in Begusarai on the previous day and Gaya is next on his itinerary.

"I wanted to put forth my views on some national issues. But since I have come to Bihar I would like to ask one question specific to the state.

"What is the stand of Chief Minister Nitish Kumar with regard to protests that are taking place across the country? Many of his counterparts in other states have spoken out but we are yet to hear anything from him," Raja remarked.

Notably, Kumar's JD (U) had supported in Parliament the Citizenship (Amendment) Bill which triggered countrywide protests that continue after the Bill has become an Act and work on the National Population Register - seen as a precursor to the National Register of Citizens- is underway.

The JD(U)'s stand on the Bill had drawn flak from some of its senior leaders like national vice president Prashant Kishor and national general secretary Pavan Varma.