Left blames BJP for panic at bourses
By Sandeep Dikshit
NEW DELHI, MAY 17. The Left parties today accused the BJP of destabilising the stock markets as part of its "belligerent attitude" towards the new government supported by secular parties. The CPI(M) politburo member, Sitaram Yechury, told newspersons that the BJP had adopted a "politically belligerent posture" by refusing to attend the swearing-in ceremony. On the economic front, it had sought to "create volatility" in the stock markets in an attempt to unsettle the new government.
Mr. Yechury said "it was the duty" of the former Disinvestment Minister, Arun Shourie, to reveal the names of the 10 people who were part of a bear cartel involved in pushing down the market. "The Minister, at that time, had said he knew the names of those 10 people. Now that he is no longer in the government, he should share this information with the new government so that appropriate action could be taken against them." The CPI(M) leader said another reason for the fall in share values was the worldwide volatility in the stock markets. "The Indian stock exchanges cannot be isolated from this trend," he said.
Earlier, the CPI general secretary, A.B. Bardhan, interpreted the stock market crash as a "deliberate attempt on the part of Rightist forces to create a scare in view of the coming change of Government and the leading role played by the Left." He said that while the Left understood the usefulness and role of stock exchanges, it was sure that "certain forces who want to influence the political and economic policies of the country" were responsible for the stock market volatility. "We are not at all scared by this and appeal to those who have doubts that we are committed to stable economic growth that helps the country's poor and the economy in general and not just a section of the people."
Mr. Bardhan felt there was no reason for any section to get scared by today's crash. The Left wanted to convey the same message when the market crashed last week after their leaders called for a check on reckless disinvestment.
<span style='color:red'>The All-India Trade Union Congress general secretary, Gurudas Dasgupta, said the Left was not against foreign institutional investors (FIIs). </span> <!--emo&
--><img src='style_emoticons/<#EMO_DIR#>/biggrin.gif' border='0' style='vertical-align:middle' alt='biggrin.gif' /><!--endemo-->
The CPI (M) leader, Nilotpal Basu, said the stock market crash was not linked to economic fundamentals but was influenced by FIIs. The loss was "notional" and the crash demonstrated the need to carry out capital market reforms to facilitate the entry of small investors.
By Sandeep Dikshit
NEW DELHI, MAY 17. The Left parties today accused the BJP of destabilising the stock markets as part of its "belligerent attitude" towards the new government supported by secular parties. The CPI(M) politburo member, Sitaram Yechury, told newspersons that the BJP had adopted a "politically belligerent posture" by refusing to attend the swearing-in ceremony. On the economic front, it had sought to "create volatility" in the stock markets in an attempt to unsettle the new government.
Mr. Yechury said "it was the duty" of the former Disinvestment Minister, Arun Shourie, to reveal the names of the 10 people who were part of a bear cartel involved in pushing down the market. "The Minister, at that time, had said he knew the names of those 10 people. Now that he is no longer in the government, he should share this information with the new government so that appropriate action could be taken against them." The CPI(M) leader said another reason for the fall in share values was the worldwide volatility in the stock markets. "The Indian stock exchanges cannot be isolated from this trend," he said.
Earlier, the CPI general secretary, A.B. Bardhan, interpreted the stock market crash as a "deliberate attempt on the part of Rightist forces to create a scare in view of the coming change of Government and the leading role played by the Left." He said that while the Left understood the usefulness and role of stock exchanges, it was sure that "certain forces who want to influence the political and economic policies of the country" were responsible for the stock market volatility. "We are not at all scared by this and appeal to those who have doubts that we are committed to stable economic growth that helps the country's poor and the economy in general and not just a section of the people."
Mr. Bardhan felt there was no reason for any section to get scared by today's crash. The Left wanted to convey the same message when the market crashed last week after their leaders called for a check on reckless disinvestment.
<span style='color:red'>The All-India Trade Union Congress general secretary, Gurudas Dasgupta, said the Left was not against foreign institutional investors (FIIs). </span> <!--emo&
--><img src='style_emoticons/<#EMO_DIR#>/biggrin.gif' border='0' style='vertical-align:middle' alt='biggrin.gif' /><!--endemo--> The CPI (M) leader, Nilotpal Basu, said the stock market crash was not linked to economic fundamentals but was influenced by FIIs. The loss was "notional" and the crash demonstrated the need to carry out capital market reforms to facilitate the entry of small investors.