Patna: Observing that the economic reforms initiated by the then finance minister Manmohan Singh has "plunged the India economy in a severe crisis," the CPI(M) on Sunday demanded scrapping of the ongoing reform process in the larger national interest.

"The reforms measures kicked off by the Prime Minister Singh in his earlier role as the Finance minister has failed to bring about desired improvement in the economy which has instead plunged into deeper crisis," CPI(M) politburo member S. Ramchandra Pillai and the central secretariat member Hannan Mollah told reporters.

Under the circumstances, the UPA government will be well advised to scrap the reforms process altogether in the larger national interest, they said.

The CPI(M) leaders flayed the Centre for allowing 51 percent FDI in multi-brand retail, diesel price hike and rationing of subsidized LPG cylinders under pressure from the U.S. and alleged that the government was oblivious to the plight of the people who were already bearing brunt of price rise for the better part of the UPA rule.

They said that the CPI(M)-led Left parties will continue to agitate against the "anti people" economic policies of the UPA government and may explore a third front with like-minded political parties to give a viable alternative to both the UPA and NDA during 2014 parliamentary polls.


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