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Capitalist economies across the world are ruining the future and prospects of the developing and poor nations, said P. Sreeramakrishnan, on Saturday. He was speaking on the Inaugural Session of DYFI State Conference being held in Coimbatore since Friday. Mr.Sreeramakrishnan said that the fall of the US economy was a result of the anti-capitalist sentiments prevailing world over.
Mr.Sreeramakrishnan said that the capitalist economies always favoured only giant companies whereas China was in favour of the industries by the people irrespective of the profile of the company.
Accusing the Prime Minister of being a supporter of the United States of America, Mr.Sreeramakrishnan accused the Union Government of enabling back door entry of Foreign Direct Investments (FDI) in insurance, higher education, banks and retail trade killing the Indian trade and industry. In India, education is affordable today only for the affluent sections.
While FDI through door is being encouraged, the shares of the Public Sector Industries worth several crores of rupees are being sold at throwaway price.
Owing to a freeze on appointments in Indian Railways, the existing staff members are being made to work overtime and the overstretching leads to accidents every day.
He said that growth rate was without employment and pointed out that service sector that accounted for 65 per cent of the growth had only 17 per cent employment, while agriculture that contributed only 17 per cent for growth had 54 per cent employment.
Referring to Commonwealth Games-related issues, Mr.Sreeramakrishnan commented that Commonwealth was becoming “Congress Wealth”. The projected expenditure for Commonwealth had already increased manifold at the time of actual spending. Works worth crores of rupees are crumbling down every day.
i proud to participated in that conference
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