Centre failed to curb inflation and price rise: CPI

CPI on Sunday alleged that the BJP government at the Centre has "failed" to curb inflation and price rise of essential commodities.

"The Central government headed by Narendra Modi had completely failed to take meaningful steps to curb menace of inflation and rise in prices of essential commodities and it is going in the same direction of previous Congress-led UPA Government", CPI National Council Secretary D Raja told reporters.

No effective steps had been taken to prevent the 'two menaces' of inflation and increase in price, he said, adding that CPI would organise a nationwide mass campaign against price rise on October 16. He alleged that the Centre was concentrating only on "pampering big capitalists and letting down the working class". 

It had also failed to initiate steps to amend the Essential Commodities Act to prevent hoarding and forward trading in essential commodities, he said. Raja also criticised the Centre for "not taking" steps to prevent rise in the quantum of Non Performing Assets in nationalised banks.

The moves to encourage 49 per cent FDI in insurance and defence sectors were also among the "dangerous" steps of the Centre, he said. Raja said the party's 22nd all India Congress would be held here from March 25 to 29 next year and more than 1,000 delegates would participate in it. Various issues confronting the common man would be discussed at the meeting, he said.