CPI plays western music to give ‘wake up call’ to UPA
The financial crisis in US has provided ammunition for the Left to mount pressure on the Manmohan Singh government to desist from allowing private players into pension and provident funds sectors.
By ET Bureau |
NEW DELHI: The financial crisis in the US has provided the ammunition for the Left to mount pressure on the Manmohan Singh government to desist from allowing private players into pension and provident funds sectors.
The Left, which has been patting itself on the back for obstructing financial sector reforms when it was extending outside support to the UPA government, is citing the collapse of the Lehman Brothers as ���proof��� of the failure of the American model.
After the CPM, the CPI on Sunday asked the government to stop ���emulating��� the US model and take immediate steps to insulate the Indian economy. The CPI national executive, which had a two-day meeting here, said any further dilution of government stake in the financial sector would expose the Indian economy more to international troubles.
���In this background, the CPI calls upon the government to desist from privatising the hard earned savings of the people deposited in provident fund and not allow the new pension scheme to be operated by private players,��� the resolution said.
The Left���s opposition to the new pension scheme had tied the government���s hands from taking up the legislation in Parliament. With the BJP refusing to back the government on crucial legislation, the government will find it difficult to take up the bill.
Describing the deregulated financial set up in the US as the worst model to be imitated by the country, the CPI said: ���It is shameful that the government is in a hurry to copy this model in our country.
It is already known that our government wants to privatise our public sector banks and dismantle public sectors unwarrantedly exposing the economy to the global upheaval.
The crisis in the US has thrown up enough lessons but the question is whether Mr Manmohan Singh and Mr Chidambaram are willing to take the lessons.���
The CPI said the American crisis has made little impact on the Indian economy because of the strong presence of the public sector system.
The Left, which has been patting itself on the back for obstructing financial sector reforms when it was extending outside support to the UPA government, is citing the collapse of the Lehman Brothers as ���proof��� of the failure of the American model.
After the CPM, the CPI on Sunday asked the government to stop ���emulating��� the US model and take immediate steps to insulate the Indian economy. The CPI national executive, which had a two-day meeting here, said any further dilution of government stake in the financial sector would expose the Indian economy more to international troubles.
���In this background, the CPI calls upon the government to desist from privatising the hard earned savings of the people deposited in provident fund and not allow the new pension scheme to be operated by private players,��� the resolution said.
The Left���s opposition to the new pension scheme had tied the government���s hands from taking up the legislation in Parliament. With the BJP refusing to back the government on crucial legislation, the government will find it difficult to take up the bill.
Describing the deregulated financial set up in the US as the worst model to be imitated by the country, the CPI said: ���It is shameful that the government is in a hurry to copy this model in our country.
ADVERTISEMENT
It is already known that our government wants to privatise our public sector banks and dismantle public sectors unwarrantedly exposing the economy to the global upheaval.
The crisis in the US has thrown up enough lessons but the question is whether Mr Manmohan Singh and Mr Chidambaram are willing to take the lessons.���
The CPI said the American crisis has made little impact on the Indian economy because of the strong presence of the public sector system.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
