Referring to Modi's statement that over Rs 20 lakh crore would be invested by Japanese firms, senior CPI(M) leader Sitaram Yechury said "very often in the past, not merely such assurances but MoUs amounting to larger numbers have been signed but nothing substantial has come in tangibly".
While it is yet to be seen if any such investments would see the light of the day and "add to the levels of productive capacities in our country", any other type of investment that "only uses our resources, raw material and cheap labour to maximise profits without anything tangible in return would do more harm than good to India," he said in an editorial in the forthcoming issue of party organ 'People's Democracy'.
Yechury said the latter could be a more likely scenario as Japan, after long years of economic slowdown and recession, has just begun to show some signs of a turnaround.

"In order to consolidate this, Japan could well take recourse to the latter course of maximising profits from India,” he said.
He accused RSS-BJP of conducting "fascistic propaganda on the basis of Joseph Goebbels' dictum: Tell a big enough lie frequently enough for it to be accepted as the truth by the people."
"This methodology of propaganda appears to have become the mainstay of this Modi government and the accompanying communally incendiary issues being raised by the RSS and its various tentacles," he said.

During his Japan visit, "Modi thundered that in his first 100 days as the PM, he has virtually performed miracles" and had reversed the 'paralysis' that had gripped India under the earlier government, Yechury said.
"Justifying this claim, he quoted the statistical data pompously announced by the Finance Minister a couple of days earlier," he said.
"The euphoria generated by India Inc. and the corporate media, who together continue to act as Modi's team of cheer leaders", the country was led to believe that Modi performed a "miracle" in a short time and "instead of a messiah, India Inc. has, indeed, discovered a magician", he said.
Quoting official figures, he said there was an overall decline in the growth rate in almost all sectors of the economy and "soon, corporate media, to its dismay, will surely discover that what they have found to be a magician is actually a modern day Goebbels."
Referring to Modi's Independence Day speech, he said the Prime Minister had "consciously refrained from referring to any one of the main issues that constituted his election plank", like tackling price rise and improving people's livelihood, curbing corruption, 'better governance' and 'achche din aanewale hain' (the good days are coming).
"The Red Fort speech was full of empty rhetoric bordering on rabble rousing," the CPI(M) leader said.

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