NEW DELHI: Speakers, including CPI(M) chief Sitaram Yechury while addressing a “Janata Parliament” organised, here, by Civil Society groups, on Wednesday flayed Union government’s “skewed” policy, which has further weakened country’s economy during the period of the lockdown.
“The only way to revive the economy is to take measures to increase the demand in the market. This has to be done by increasing the purchasing power of the people,” Yechury said.
The six-day “Janata Parliament”, which started on Sunday, is being held through video conference.
Yechury said the economy had started going downhill even before Covid-19 set in, but exacerbated during the lockdown.
He suggested for public expenditure on roads and other infrastructure projects on a large scale which would provide jobs, and thus, enhance the purchasing power of the people.
He said that the present regime’s policy has allowed concentration of business profits and accumulation of wealth in the hands of a few.
The disparity between haves and have-nots has been widened.
“This has further marginalised the major section of the society and eroded their confidence and their capacity to make purchases.
The erosion of demand in the market in effect has wrecked the supply side, which has rocked the market dynamics and ruptured the economic cycle which also encompasses Consumption and Investment.
He gave thumbs down to the government’s policy to make available loans to SMEs as a relief package in order to revive the economy.
It is ironical that no one wants to take loans as the entrepreneurs do not find the rationale to reboot their operations due to lack of demand in the market.
He took a potshot at the present regime, saying it has been promoting “crony capitalism”.The profit so amassed by a cabal is used to destabilise non-BJP governments in the state, he added.