Moody’s ratings proof of growing capitalism in India: Yechury

Kolkata, Nov 17 (IANS) Criticising India's sovereign rating upgrade by the global agency Moody's Investors Service, CPI-M General Secretary Sitaram Yechury on Friday said the improved ratings signify the beneficial atmosphere for the international capitalist groups under the Narendra Modi regime.

He said the nation has seen deterioration in all aspects related to human welfare and human rights.

"Today Prime Minister Narendra Modi's government held a massive press conference to announce that the imperial forces around the world are lauding his government because as per Moody's ratings India has gone ahead.

"However, the agency gives higher ratings to the country that provides better environment for the international capitalist groups to make more profit," Yechury said in a public meeting on the occasion of 100 years of Russian Revolution here.

"This means the colonial rulers across the world are saying that they have had a greater scope to make higher profit in India after Modi's ascendancy to power," he said.

US credit rating agency Moody's on Friday upgraded India's sovereign rating to Baa2 from its lowest investment grade of Baa3 after 13 years.

Claiming that the country has steadily headed towards privatisation in all sectors in the last three years to give benefit to the foreign capitalist groups, Yechury said India is struggling with its ratings in issues like women rights and gender equality.

"The other global index shows the country has gone downwards. India's position has gone up in the hunger index and child malnutrition index while in issues like gender equality, and women rights India's rank is lower than countries like Bangladesh.

"The only index where India's rank has gone up in the Modi regime, is in giving benefits to the foreign investors," the veteran Left leader said.

"There is not one sector that has not moved towards privatisation in the last three years. Starting from railways to public transport to bank loans, everything has gone towards privatisation to aid foreign capital," he said.

He also alleged that the present government is making policies to complement the growing colonialism in the country instead of trying to counter it and trying to weaken the fundamental point of revolution against capitalism.

"The Russian Revolution have taught us that unless a revolution is aimed against the colonialism and capitalism of a nation, it can never be successful. The rulers of this country are weakening that fundamental point of revolution here," he said.

Referring to the Paris commune, Yechury said the nation has to unite all its working classes to revolt against the capitalist powers that are at work if it wishes to take its revolution forward.