CPI (M) raised questions before the Union Budget, said – the economy has not yet recovered from the outbreak of the epidemic
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New Delhi : Finance Minister Nirmala Sitharaman will present the Union Budget for the financial year 2023-24 in the Lok Sabha on February 1. Before the presentation of the general budget in the lower house of the Parliament, the Communist Party of India-Marxist (CPI-M) has alleged that the Indian economy has still not recovered from the shock during the Corona epidemic. Along with this, the CPI(M) also criticized the government for its handling of the devastating outbreak of the pandemic.
The condition of the Indian and global economy is serious.
The latest editorial in CPI(M) mouthpiece ‘People’s Democracy’ has demanded the government to use taxation and public expenditure in favor of the toiling masses, improve farmers’ income, generate employment and better health, reports news agency Bhasha. And should be done for education. The party has said that the budget for the financial year 2023-24 is going to be presented at a time when the Indian and global economies are facing a critical situation.
neoliberal globalization ineffective
According to a People’s Democracy editorial, despite tall claims by Prime Minister Narendra Modi’s government, India’s economy is yet to recover from the outbreak of the Covid pandemic and the disastrous way in which it was handled by the Indian government. It says that the ‘neoliberal globalization’ of the last few decades has become ineffective because of its contradictions. Therefore, India has to prepare itself not only for a temporary global recession, but also for the possibility of a prolonged capitalist crisis.
Huge rise in labor inequality
The editorial claimed that India’s economic growth also reflects these contradictions. This is the reason that even in the period of high growth, there was agrarian distress, stagnation in wages and increasing problem of unemployment. The party said that this has led to a huge increase in the deep exploitation and inequality of the working class.
The editorial said that according to the first advance estimates, India’s real per capita national income in 2022-23 is going to be only 2.4 per cent higher than before the pandemic. This figure represents a growth of less than one percent per year, while inflation rates have risen sharply during this period. Besides this, the industrial sector is also showing great distress, where the manufacturing sector is projected to grow by only 1.6 per cent in 2022-23.
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