CPI says govt not helping banks, but big businesses

The Communist Party of India today accused the Centre of helping corporate houses and big businesses, instead of focusing on banks.

The Left party trained its guns at the decision of the government to recapitalise banks and said "instead of helping the banks, the government wants to help the corporates and big businesses".

"The economy is in a bad shape not because of banks, but due to the wrong economic policies of the government of India," the CPI said in a statement.

It targeted the government for growing unemployment in the country.

"The BJP-led government promised to create two crore jobs every year but failed miserably and this recapitalisation will not help boost employment opportunities in any way," it said.

The CPI pointed out that though public sector banks were facing serious problems because of debts, bad loans were being waived.

"Now the government wants to give loans to the same set of people and is also carefully keeping the names of defaulters confidential," it said.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)