Srinagar, Nov 12 (KNO): The Polit Bureau of the Communist Party of India (Marxist) Thursday said the economy of the country is in doldrums.
The CPI (M) said the Reserve Bank of India (RBI) 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,” a statement issued to the news agency—Kashmir News Observer (KNO) reads.
It said that 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 the PM's private fund must end. These monies should instead be used for increased public expenditure, to ensure that no Indian goes hungry,” CPI (M) said—(KNO)