Left Parties prevent global financial crisis: CPI(M)

Thiruvananthapuram, Nov 11 (UNI) CPI(M) Polit Bureau Member Sitaram Yechury today said due to timely interference of Left parties in the economic polices of the country, the global financial crisis had not affected it badly.

Inaugurating a seminar on 'the global financial crisis and its impact on India' here, the CPI(M) leader said if the Congress-led UPA Government was allowed to proceed with the neo-liberal polices, the economic crisis would have gone from bad to worse. The financial policies taken by the Centre was not in right earnest, he added.

Mr Yechury said huge investments in open market would only compound the financial problem.

He said the Left Parties had prevented the UPA Government from going ahead with bank reforms, opening up of the insurance sector, privatisation of pension fund and full capital convertibility.

The CPI(M) leader said only a mass movement of the working class would prevent the Centre from carrying out its globalisation policies, as it is in dire-straits following the collapse of the US economy.

Mr Yechury said the Centre should strengthen public investments, generate employment opportunities and increase the purchasing power of the people.

The global financial crisis had affected the agriculture and industrial sector and the Left Parties were looking into the anomaly, he added.

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