Monday, August 1, 2022

CPI for The Alternative Economic Programme


CPI has released its Draft Political Resolution for its coming 24th Congress in Oct 2022.

The Alternative Economic Programme is spelt in that Resolution. Some salient points from that..

This program should be holistic, people-centric and pro-social sector

It is our understanding that the country’s resource base is adequate to fulfill all basic needs of the population if it is distributed with equity and concern for the downtrodden

Our economy should prioritize the social sector with a right-based approach. Right to food, education, health, housing, sanitation, employment and social security should be guaranteed by the state.

Creating more employment instead of attracting more investment should be our target

10% of our GDP should go to education, 6% of GDP for health and sanitation, adequate allocation for food security and employment generation specifically and 2% should be kept for Research and Development

India should stand with developing countries in international bodies like the WTO, IMF, World Bank etc. to democratize these institutions and make them more reflective of the global economic reality.

 India should take the lead in establishing a bank of the developing countries with non-discrimination as the corner stone of its policy

A radical agenda to eradicate poverty should be taken up to deliver our country from this evil we should be consistent in forming public opinion and demanding the enactment of a National Urban Employment Guarantee Act.

Creating meaningful employment should be made the criteria in determining investment destinations. It should be coupled with increasing social sector expenditure, promoting small and micro sectors and strictly checking inflation

Planning Commission should be brought back to ensure employment and judicious & equitable distribution of resources between people and regions.

Inequality should be checked by positively intervening in the structure of the economy. Income ceilings, highly progressive taxation of income, wealth, capital gains, estate duties, gifts should be introduced to tackle concentration of wealth. The resources raised through these can be used to develop rural and productive sectors

Agriculture should be made viable by reducing costs of inputs and shifting terms of trade to favor the peasantry. A higher share of the prices paid by the consumer should reach the producers by curtailing the influence of middlemen

MSP should be guaranteed for all crops. We should strive to get not only legal but constitutional status for MSP to best protect the interest of farmers’ and prevent any future tempering with the MSP model

A minimum-wage for agricultural laborers should be devised and all social sector benefits should be ensured for this group.

 Universal food security should be ensured via a rationalized and people-centric system of universal public distribution system. Cash transfers to population should augment, but never substitute the entitlements under PDS.

 Land fragmentation and landlessness should be tackled by introducing comprehensive land-reforms and formation of cooperatives.

Mining, forestry and logging should be permitted while considering long term environmental sustainability. Any scheme for mining or forestry should have the welfare of the local population at its core

In fisheries, animal husbandry and dairy production, small scale producers should be encouraged by forming cooperatives. State  should positively intervene with research, marketing and credit

The structure of corporate governance should be democratized and made transparent to ensure compliance with all laws and regulations. Reservations for deprived and backward sections should be introduced in private sector to ensure inclusivity and social justice

Instead of heavy capital intensive and harmful to environment model of infrastructure, it should be optimized focusing on local needs.

 Transportation must be minimized by encouraging local production and consumption, provisions of residence closer to workplace, promoting energy efficient public transport etc.

Affordable higher education should reach all sections. Scholarships and other supporting institutions should be augmented.

 Prices of drugs and pharmaceuticals should be regulated to lower the health costs. Compulsory licensing and generic drugs should be promoted.

 Strengthening of organ banks and blood banks should be promoted. A national registry of blood-donors and organ-donors should be encouraged. Blood donation cards should work on a network of hospitals without actual movement of the donor

 Affordable housing should be taken up on priority basis. State should frustrate real estate nexus by taking up the responsibility for providing housing.

 The tax-GDP ratio of the country should be raised to 25%. This can be done by widening the direct-tax net to 5% of the population from the current 1%. Frustrating the black economy and corruption will make the economy more buoyant and transparent. Luxury consumption should be targeted for taxation.

Progressive income tax slabs should be introduced with provisions for higher share for corporate tax and taxation of high net-worth individuals.  Capital gains, wealth, inheritance, property and gifts should attract taxation.

 GST network should be simplified and democratized by devolving more power with the states consistent with the federal framework.





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