CPI-M attacks Centre on economic slowdown, jobless growth

New Delhi, Oct 16 (IANS) Attacking the central government on "slowdown in economy and jobless growth", the CPI-M on Monday accused it of "creating more jobs outside India by focusing on imports" than within the country.

"It is now a well-established fact that the economy is virtually coming to a grinding halt," Communist Party of India Marxist (CPI-M) General Secretary Sitaram Yechury told reporters after a meeting of its Central Committee here.

"There is a decline in every sector. The services sector, for the first time, is contracting."

"Imports have gone up whereas industrial production has declined. That means the Modi government is creating more jobs outside India, whereas virtual de-industrialisation is taking place after demonetisation in India," he said.

Taking a dig, Yechury said the Modi government's 'acchhe din' promise was never fulfilled and the people were in fact now demanding return of their 'bure din' (bad days).

He said that due to the combined effects of Goods and Services Tax and demonetisation, "a very rapid phase of domestic de-industrialisation has set in the country".

At the same time, the burden on the people is increasing, Yechury said.

The CPI-M leader said that while the central government was writing off non-productive assets of banks vis-a-vis big corporates, no such relief was available for small farmers unable to repay their loans.

"The Central Committee condemned the NPA write-offs of big corporates totalling more than Rs 2 lakh crore instead of initiation of recovery proceedings. In sharp contrast, when small farmers and those owning small amounts to banks are unable to pay back, their properties are confiscated," a CPI-M statement said.