[Marxistindia] Interest on small savings must not be reduced

[news from the cpi(m)]

April 1, 2021
Press Statement
 
The Polit Bureau of the Communist Party of India (Marxist) has issued the
following statement:
 
Interest On Small Savings Must Not Be Reduced 
 
The Finance Minister's retraction of the announcement made by the government
yesterday of drastically  reducing interest rates on small saving schemes
does not fool anybody.  It is clear that due to the ongoing Assembly
elections in five states this decision has been kept on hold.  This is
similar to the dictate imposed by the government on oil retailers  to not
hike the prices of petroleum products till the elections are over.
 
Crores of people who invest in small saving schemes as a security for their
future will be destroyed by this announced reduction.  The interest rate for
people's Provident Fund has been reduced to 6.4 per cent, an all-time low,
which does not even cover the inflation rate.  This will destroy the
livelihood of crores of senior citizens.  
 
This BJP government's focus is single-mindedly on enhancing corporate
profits, particularly for  the PM's cronies with massive tax cuts.  The loot
of national assets through privatization of the public sector and the
handing over of Indian agriculture to the corporates is making the rich
richer and the poor poorer.  
 
The Polit Bureau of the CPI(M) calls upon the people to rise in protest
against this decision which, surely, will be implemented post-elections.
The Central government must be forced to withdraw this move.  
 
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