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Left dares government's loan theory

Written by: Staff

New Delhi, May 1 (UNI) Contesting the 'loan-based' growth theories of the government and the industry, the Left parties today said the anticipated GDP doubling by 2010 meant nothing if there is no improvement in the quality of life of the common people.

While Finance Minister P Chidambaram had supported ADB loan (ADB loan to India is close to 2.65 billion dollars) for achieving more growth, industry chamber ASSOCHAM had said an average Indian would get richer by 2010 as the per capita income balloons to 1,200 dollars from the present 600 dollars.

The leaders of the CPI and CPI (M) told UNI that the indices of development did not reflect the day-to-day life of the common people.

CPI General Secretary A B Bardan said: ''If the GDP growth is measured on this basis, the Indian masses would continue to languish in poverty.'' CPI National Secretary Shamim Faizi said the rise in foreign capital reserves and the stock market boom did not show the ground reality.

''The government way of measuring development is superflous,'' Mr Faizi said.

CPI (M) Polit Bureau member M K Pandhe said it was surprising why the UPA government supported the loan theory for development as it knew very well that the interest has to be paid.

''All the trade unions are going to organise a huge demonstration in Hyderabad on May 3 to oppose the government's economic policies,'' Dr Pandhe said.

The ADB's 39th annual meeting is to be held in Hyderabad during May 3-6.

The CPI (M) leader, who is also the CITU President, said the government and the business chambers are presenting a rosy picture on the development front. ''You know that India ranks 127th out of 175 nations in the global development index,'' he quipped.

The so-called economic development only meant more profits for big corporates at the cost of the working calss, he added.

CPI (M) Parliamentary Party leader in the Lok Saba, Basudev Achariya, said such loans often come with strings. ''We are not against such loans, but they should not be accompanied by any conditions. It should come to us according to our needs and priorities.'' UNI KSA FZ MP VV1755

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