Economy in Doldrums: CPI(M)

Communist Party of India (Marxist) today said that the economy is in doldrums and the continuous contraction of the GDP is destroying lives, livelihoods, pushing crores of our people into poverty, hunger and deprivation.

In a statement, the party said, “The Reserve Bank of India 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.”

The party said that it is no longer a crisis of livelihood: it is a crisis of survival. It said that the “colossal destruction of the Indian economy 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.”