"Our Banks Would Have Collapsed If 74% FDI Had Been Allowed"
CPI(M) politburo member and Rajya Sabha MP takes credit for his party's opposition to reforms in banking, insurance and pension
In the wake of the global economic meltdown, the Left parties have been claiming that their opposition to reforms in banking, insurance and pension has partially insulated the Indian economy. Excerpts from an interview with CPI(M) politburo member and Rajya Sabha MP Sitaram Yechury:
How far has the Left's opposition to reforms succeeded in insulating India from the global meltdown?
You say you blocked full capital account convertibility, but the government says it had no plans for it.
Why are you objecting to government relaxing norms for FIIs by lifting restrictions on Participatory Notes?
Why has the Left not sought action against the system manipulators?
You had also expressed reservations on forward trading in food items. Is there any link between this and the soaring oil prices—which have since crashed—and the world food crisis?
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