CPI-M leader Sitaram Yechury requests Opposition to discuss economic fallout of Covid-19

The CPI(M) on Tuesday in a letter to the Opposition parties urged them to unite on a common platform and deliberate on the adverse economic fallout of the lockdown imposed to contain the spread of Coronavirus pandemic and its long-term impact.

CPI (M) General Secretary Sitaram Yechury sent the letter to 11 Opposition parties' leaders including Congress interim president Sonia Gandhi, Nationalist Congress Party (NCP) chief Sharad Pawar, Delhi Chief Minister Arvind Kejriwal, Dravida Munnetra Kazhagam (DMK) chief MK Stalin and Samajwadi Party chief Akhilesh Yadav.

"I am forwarding a roadmap...'

Yechury in his letter said that the countrywide lockdown 3.0 is bound to deepen the problems and people's agony. "I am forwarding a roadmap, which has been formally sent to the President Ram Nath Kovind and Prime Minister Narendra Modi, for your consideration and I request you to also share any proposals that you may have," he wrote.

The CPI(M) in its economic road map suggested immediate measures including medium and long term. The party also urged the Centre to make available Rs7,500 per month for three months to every non-income taxpaying household and 10 kg free grains a month for six months to every individual.

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The letter also mentioned that the total amount required for such measures for the respective periods is estimated to be about 3 % of the GDP, on the assumption of a 20% voluntary "dropout" by the rich from the list of beneficiaries. While suggesting a wealth tax and a tax on the super-rich, the letter read, "This entire expenditure has to be financed by borrowing from the Reserve Bank of India."

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It has urged the Centre to pay its GST dues to the states and also to double the states' borrowing limits as immediate measures. It has also suggested mid-term and long-term methods which include facilitating the return of migrants, recoveries of MSMEs and hike in public investments.

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(With agency inputs)