Chidambaram responsible for mayhem in stock exchange: CPI

New Delhi, Jan 23 (UNI) The CPI today demanded an inquiry into the mayhem of the stock exchange holding the Central government and Finance Minister P Chidambaram responsible for the pauperizing of the common man and said the aberration would lead to a bigger scam than the Harshad Mehta episode.

''The government owes to the nation why abberation and default took place in the Indian stock market which is increasingly becoming a casino where few people gamble and bet. When farmers commit suicide, the government does not lose its sleep but when there is a panic in the market and the sensex falls, the Finance Minister rushes in to reassure everyone,'' CPI general secretary A B Bardhan told newspersons.

While releasing a Draft Political Resolution for the 20th Party Congress being held in Hyderabad from March 23 to 27 the CPI leader demanded corrective measures to regulate and stabalise the stock market operations and the imposition of heavy transaction tax on the '' profit without production'' .

Party floor leader in Lok Sabha Gurudas Dasgupta, who was also present at the press conference, deplored that it was amazing that the State Bank of India, the UTI and the insurance companies were also putting money in the stock market. But are shy of lending credit to the farmers who are committing suicides in various parts of the country.

''In the name of Participatory Notes money from unscrupulous souces is playing in our economy,'' the CPI leader said adding that the heavy flow from foreign funds have nothing to do with higher production or real economic development.

''In their frenzied financial aggrandisement Big Business is ruthlessly exploiting bank capital. Over the last couple of years more loans have been provided for stock market operations. Whereas priority sectors are not beniffited,'' the the party leaders addd.

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