[Marxistindia] An Act of Desperation

[news from the cpi(m)]

August 27, 2019

Press Statement

The Polit Bureau of the Communist Party of India (Marxist) has issued  
the following statement:
An Act of Desperation

The Polit Bureau of the Communist Party of India (Marxist) strongly  
disapproves of the manner in which the Reserve Bank of India’s  
reserves are being sought to be utilized to meet the fiscal deficit.  
Similarly, in the past, profit making public sector navaratnas like  
ONGC had been fleeced to meet the Modi government’s extravagant  
expenditure like those on propaganda.

The RBI is the monitoring authority and Lender of the Last Resort. Its  
financial stability is the insurance to protect our economy from  
monetary or financial instability or crisis generated globally.

This government has now forced the RBI to part with a whopping Rs.  
1.76 lakh crores. During the past five years, the Modi Government has  
siphoned off Rs. 99.99 per cent of the RBI’s net profits every year.  
On top of this comes the current transfer.

The surplus transfer termed as “dividend” to the government is almost  
double the previous record of Rs. 65896 crores. The economic slowdown  
is also compounding the problems of the navaratnas.

With the unemployment rate crossing 9 per cent, the highest in  
decades, such transfer of surplus to meet the government’s expenditure  
and to contain the burgeoning fiscal deficit is hurting both the  
economy and the livelihood status of our working people.

Prime Minister Modi spoke of respecting “wealth creators”. Wealth can  
be created only when value is generated. The vast army of working  
people today have no work to generate value. All sections, farmers,  
workers, MSMEs, youth and women workers are being badly hurt.

The Polit Bureau of the CPI(M) calls upon all its units in the country  
to organise protests against this merciless assault on our economy and  
people’s livelihood.