Budget Imposes Further Burdens-CPIM

Budget Imposes Further Burdens-CPIM ...

Budget Imposes Further Burdens-CPIM

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

At a time when the common people of India are reeling under the disastrous impacts of demonetisation, the Finance Minister has come out with a contractionary budget which is likely to greatly exacerbate suffering of the working people.

The Economic Survey presented yesterday clearly shows a deceleration in economic growth, a sharp fall in demand for goods and services, massive job losses, decline in farm incomes, and social disruption in cash-intensive sectors. Demonetisation has resulted in large unutilized industrial capacity, with core industries like automobiles, cement, steel, paper, aluminium and fertilisers having been hardest hit, and massive unemployment.

It is a travesty that, in such a situation, and despite having 40 million tonnes of public foodstocks, and a comfortable current account deficit and foreign exchange situation, the government wants to pursue contractionary fiscal policies.

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