Strength of our economy has not increased: CPI(M)

Janjivan Bureau
New Delhi: In the wake of record stock market crash and rupee registering its biggest single day fall this year, CPI(M) today targeted the Centre saying Indian economy has shown no signs of improvement since Narendra Modi-led Government took over the reins.
CPI(M) general secretary Sitaram Yechury told reporters that External Affairs Minister Sushma Swaraj should speak over the present economic turmoil as she had done during a similar situation in UPA-II regime.
On August 30, 2013, Swaraj, then Leader of Opposition in Lok Sabha, had targeted Prime Minister Manmohan Singh tweeting, “The Rupee has lost its value. The Prime Minister has his grace.”
“We all know such turmoil keep happening in share markets due to changes globally. But how we can protect ourselves from such a turmoil is dependent on strength of our economy.
“It is clear, after a year, that the strength of our economy has not increased, due to which we have to bear the international impact now,” Yechury told reporters after conclusion of party’s three-day central committee meeting.
Referring to the two-year old tweet by Swaraj, Yechury said a similar situation has cropped up now.
“And we want the honourable External Affairs Minister be asked what she has to say on this,” he quipped.
The stock market benchmark Sensex today crashed by 1,624.51 points — its biggest single-day fall — and over Rs 7 lakh crore got wiped out within hours from the investors’ wealth on a sharp global sell-off triggered by a Chinese rout.
In line with crash in equities, the rupee tumbled sharply by 82 paise — its biggest single day fall this year — to settle at 66.65 against the US dollar as global meltdown fears remained unabated.
Meanwhile, Among other issues, Yechury expressed concerns over rising onion prices.
The Rajya Sabha member claimed Government’s response in this regard was not forthcoming and added the central committee has decided to intensify protests over the issue.
He added unemployment was on rise and stressed agrarian distress continues to deepen. .