"The UPA's efforts have only led to the consolidation of the creation of two Indias started by the (Atal Bihari) Vajpayee-led NDA government earlier," said an editorial in the party mouthpiece "People's Democracy".
"The BJP, notwithstanding its illusions of forming the government in 2014, is seeking to further cement the growing divide between the two Indias - the rich and the poor," it said.
Titled "High Rhetoric, Zero Content", the editorial mocked at the BJP prime ministerial nominee Narendra Modi's economic vision unveiled at the recently held party conclave in Delhi.
Modi declared that the Bharatiya Janata Party, if it won the 2014 Lok Sabha election, would build Brand India through 5 Ts -- Talent, Tradition, Trade, Tourism and Technology.
Such a blueprint, it was said, would uphold a new representation of a rainbow of Indian traditions while showing zero tolerance towards "Western influences" such as drugs and narcotics.
This is supposed to be achieved through a massive building of smart cities and other infrastructure, to be accompanied by a mix of social welfare schemes.
"Does this sound any different from the UPA's objectives of Bharat Nirman along with inclusive growth?" the CPI-M editorial asked.
It said that Modi's announcement smacked of "fascist demagoguery whose hallmark is high rhetoric and zero content".
This is why, it went on, India Inc was hailing "such BJP rhetoric".
"India Inc's overall applause of such a vision is based on its long-standing understanding that instead of expending public money on providing some relief to the people, such expenditures from governmental revenue should be instead put at the disposal of private capital, both domestic and foreign, for their profit maximization."The editorial contended that the logic that making available capital to private corporates at cheap rates for investments would automatically lead to high levels of employment and economic growth was seriously flawed.
"Any investment produces something. Unless that product is sold in the market, neither can growth take place nor can profits be generated.
"For a product to be sold in the market, there needs to exist people with adequate purchasing power. In the absence of this, investment itself will not take place as its product remains unpurchased.
"The funds made available will find the way into unproductive accumulation of capital as can be seen in the current phenomenal rise in the prices of real estate, gold and of foreign exchange."
The CPI-M said the BJP's economic vision "will only widen the divide between the rich and the poor by heaping greater miseries on the vast mass of the Indian people".