Kolkata: Questioning Prime Minister Narendra Modi’s silence over intolerance, the CPI on Sunday dubbed the NDA regime as “government of the corporates”.
Communist Party of India general secretary S. Sudhakar Reddy also lambasted the central government over the issue of FDI.
“Modi tweets even when there is a death of a dog in the US, but why is he silent on the burning issues like these,” Reddy said referring to the killing of Kannada writer M M Kalburgi and the lynching of a man in Uttar Pradesh over beef eating rumors.
This government has changed the definition of governance. It has turned out to be the government for the corporates,
Reddy also slammed the Mamata Banerjee government in West Bengal over the attacks on Left party activists, describing the state as “Gunda Gardi Bangla”.
We need a change in the country as well as in West Bengal,
Speaking on the occasion, party leader Gurudas Dasgupta cited the example of Bihar assembly polls where Nitish Kumar of the Janata Dal-United and Lalu Prasad Yadav’s Rashtriya Janata Dal joined hands with the Congress to trump the BJP and its allies.
Look at Bihar, they have succeeded in bringing in the change… I believe in mass unity and we need to work on that to bring in the change in West Bengal and in the country as well,
Reddy was speaking at a rally to mark the foundation day of Communist Party of India.
New Delhi, August 14, 2017: CPI’s Bolangir-Bargarh-Mahasamund divisional committee today released an audio tape ahead of the 71st Independence Day celebration across the country on Tuesday calling on people to celebrate August 15 as a ‘black’ day, mentioned Odhisatv.
“The Independence Day is being celebrated only for namesake,” the Maoist leader said.
What urged people to hoist black flags on August 15 in place of the tricolor?
A spokesperson for the Maoist division claimed an increase in illicit activities, cases of torture on villagers and exploitation in the State, Budhuram Paharia. In the audio tape, the Maoist division mentioned about a rise in farmer suicides in the region.
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On the eve of elections to five state assemblies including Kerala and West Bengal, the Left parties are now in an identity crisis and have subjected themselves to two opposing pulls from within on the question of an alliance with the Congress.
In a recent article published in a mass-circulation daily, Prakash Karat, the former CPI-M general secretary, has honestly pointed out the self-contradictions that have hamstrung the communist movement of India from its inception. That the Left has now been clamouring for an alliance with the Congress is an outcome of such in-built deficiencies.
At this point, recourse to classical theories will serve the Left no purpose. Theoretically, communist parties are meant for factory workers but very few leading lights of the Indian communist movement can fit in this category. It is interesting to guess why Prakash Karat chose to do such a scathing introspection at this moment. Is it an attempt on his part to keep himself away from the hullabaloo and the shrill cries for an alliance with the Congress that some leaders of his party are raising?
In the annals of communist literature, this Karat article is exceptional. He has listed metamorphosis of the middle class leading to its inability to relate to Left ideology any more and absence of workers, poor peasants and agricultural labourers in decision making positions as the main detriments in front of his party’s expansion and wide acceptance among the masses.
This deficiency is true not just about the CPI-M. All shades of Indian communist parties are affected by it. However, Karat’s argument has also exposed his limitations. He still has great faith in the middle class. If this faith continues, the future of his party is bleak.
But Karat himself and almost the entire front-ranking leadership of his party are results of this system and it’s unfortunate that the realization about the position of the lower strata of society dawned on him after so many years – most of all after the serious drubbing that his party received from the people of West Bengal in the last assembly elections.
Instead of writing articles in newspapers, if he looks at the composition of his own party’s politburo he will realize that the job of cleansing the Augean Stables must start from the highest policy-making body of his own party.
This incomplete identification with the country’s toiling masses is now finding its manifestation among certain sections of the Left in a mad rush for an electoral alliance with the Congress which had, in fact, ushered in neo-liberal economic policies, a school of thought and practice the Left regards as an anathema.
Although some sections of the media are trying to drum up support for such an alliance, yet the CPI-M stands vertically divided over the issue with the Kerala unit being totally opposed to such an eventuality. Some constituents of the Left Front in West Bengal like the CPI and the Forward Bloc, have also expressed their reservations as they identify the Congress with a neo liberal economy.
It is really open to question whether a Left Front-Congress alliance in West Bengal will be able to deliver the desired result. In the 2014 Lok Sabha election, the Trinamul Congress had got 39.3 percent of the votes, the Left Front 29.6 percent, the Congress 9.6 percent and the BJP 16.8 percent. The CPI-M’s calculation is that by dint of an alliance with the Congress, it will be able to match the voting percentage of the TMC and thus outsmart Chief Minister Mamata Banerjee. But there is a serious flaw in this calculation.
Unfortunately for the Congress, the party has very little presence in today’s West Bengal, except in Murshidabad, Malda and South Dinajpur districts, where the party commands more than 30 percent of the votes. But in the remaining 17 districts, the Congress only enjoys around five percent of the votes per district. Will this be of any help to the Left Front in defeating the TMC? The big question remains here.
But an alliance with the Congress in West Bengal is sure to put the CPI-M-led Left Democratic Front (LDF) in Kerala in an embarrassing situation. The LDF is now comfortably placed against the Congress-led United Democratic Front(UDF) so far as the coming election is concerned. That is the reason why not only Karat but the entire Kerala lobby of the CPI-M is uncomfortable about any alliance with the Congress as this will rob the Left of the much needed sharp edge in its campaign against the UDF.
By an alliance with the Congress, Left is certain to lose credibility. In his article, Karat castigated neo-liberal economic policies and “family enterprise” like political parties. Congress leaders may vehemently deny the charges, but both the indicators can point towards that party. It will be interesting to watch what answer the CPI-M proffers in the event of an alliance with the Congress.
In its nearly five-year rule in West Bengal, the TMC has not been able to give much good account of itself. If the Kerala model of removal of each ruling combination every five years has any justification, then replacement of the TMC-led dispensation in the next West Bengal assembly election is not undesirable. But any Left Front-Congress combination will be too opportunist in character to achieve anything good.
Mumbai, Devaluation of the Chinese yuan and the Indian rupee, as also the stalled reforms process, dampened investor sentiments in the equity markets during the weekly trade ended Aug 14.
The barometer 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE) fell by 169.08 points or 0.59 percent during the weekly trade, ending at 28,067.31 points from the previous close of 28,236.39 points on Aug 7. The S&P BSE Sensex had marginally gained by 121.83 points during the weekly trade ended Aug 7.
“The devaluation of yuan is a sign that the currency wars have started at a time when the world economy is stalling, commodities prices are falling and the Chinese markets are bleeding,” Anand James, co-head, technical research desk, Geojit BNP Paribas.
“The yuan’s surprise devaluation also stroked fears of competitive devaluation across Asia, especially before the (US) Fed’s monetary policy decision due in September,” he added
The yuan has fallen by 4.6 percent since Tuesday, its biggest devaluation since 1994.
The devaluation, intended to boost exports, has made investment in China cheaper, thereby leading foreign funds away from India.
This also impacted the rupee, which on Thursday fell to its lowest level against the US dollar in 24 months at Rs.65.23.
The logjam in parliament and the yuan’s devaluation led the markets to lose a total of 724 points during the first three trading days of the week.
However, investors were seen hopeful of a rate-cut based on healthy macro-economic data points including Consumer Price Index (CPI), Index of Industrial Production (IIP) and Wholesale Price Index (WPI).
“The recovery was led by the 0.05 percent rise of the yuan (on Friday), after three days of depreciation instigated by the People’s Bank of China, and better than expected macro data,” Rahul Dholam, senior analyst with Angel Broking, cited
The macro-economic data points showed a fall in India’s annual retail inflation rate to 3.78 percent in July, the annual wholesale inflation fell to (-)4.05 percent, however there was a rise in the factory output to 3.8 percent in June.The WPI coupled with consumer price index (CPI) have pointed at a gradual reining in of prices.
The RBI has set a target for CPI inflation at 6 percent by January 2016.
On the bright side of the volatile weekly trade was the possibility that the government might extend the “Monsoon Session” or call for a “Special Session” of parliament to pass the GST bill kept investors optimistic about the future of the key economic legislation.
“The signals that are coming — like an extension of the monsoon session or a proposed special session to get the GST bill passed — are very encouraging,” Devendra Nevgi, chief executive of ZyFin.
“The India growth story is based on the ability of the government to bring in reforms. For the central bank to be able to cut rates and usher in the demand by propping-up the consumer sentiment. The lack of reforms will send a dampening signal to the rest of the world,” Nevgi elaborated.
Lately, investors have been reluctant to chase higher prices given the possibility that the reform process might be stalled due to the government’s inability to conduct business in parliament.