[Marxistindia] Economy in Doldrums

[news from the cpi(m)]

November 12, 2020

Press Statement


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


Economy in Doldrums


The Reserve Bank of India has now officially confirmed the severe  
slowdown of the Indian economy and said “India has entered a technical  
recession in the first half of 2020-21 for the first time in its  
history”.

After the GDP plummeting by 23.9 per cent in April-June quarter, it  
has now further fallen by 8.6 per cent on top of this in the quarter  
ended September 2020.

This continuous contraction of the GDP is destroying lives,  
livelihoods, pushing crores of our people into poverty, hunger and  
deprivation. It is no longer a crisis of livelihood: it is a crisis of  
survival.

This colossal destruction of the Indian economy by the Modi  
government’s policies can only be checked by substantially hiking  
public investments to build our much-needed infrastructure, generating  
a large number of jobs, leading to boosting domestic demand. This is  
the only way to begin any economic revival.

The loot of national assets must be stopped, amassing fortunes through  
electoral bonds and PM’s private fund must end. These monies should  
instead be used for increased public expenditure, to ensure that no  
Indian goes hungry.




For CPI(M) Central Committee Office