Lok Sabha elections: CPI(M) manifesto promises super-rich tax, nixing FRBM

CPI (M) said it stands for state governors to be chosen out of a panel of three eminent persons proposed by the chief minister, state funding of elections and banning corporate donations to parties

In its manifesto released on Thursday, the Communist Party of India (Marxist) advocated for the scrapping of the Fiscal Responsibility and Budget Management (FRBM) Act and setting a minimum floor for social sector spending as a binding constraint in fiscal exercise for both the Centre and state governments. It has backed reversing the privatisation of the public sector, introducing a tax on the super rich, along with legislating a general wealth tax and an inheritance tax.

The party said it will scrap the Prevention of Money Laundering Act (PMLA), the Citizenship Amendment Act, reduce duties on petroleum products, and ensure devolution of 50 per cent of the total collection of central taxes to the states, including share of surcharges and cesses levied by Centre.
 

The CPI (M) said it stands for state governors to be chosen out of a panel of three eminent persons proposed by the chief minister, state funding of elections and banning corporate donations to political parties, scrapping of the mandatory use of Aadhaar and biometrics for all social welfare schemes. It said regulatory authorities of the financial sector should mandatorily be accountable to Parliament and legislative oversight.