Private capital must for industrialisation, says Basu

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Express news service

Posted online: Sunday , January 06, 2008 at 12:00:00
Updated: Sunday , January 06, 2008 at 01:02:21

Kolkata, January 5 Communist Party of India (Marxist) patriarch Jyoti Basu today echoed Chief Minister Buddhadeb Bhattacharjee’s sentiments that private capital is a must for industrialisation despite the party’s ideology.

“Socialism is still a far cry. We have to remember that we are working within the capitalist system and private capital has to be used for industrialisation. Since 1977, we have taken up the responsibility of workers. But, at the same time, we are also telling them to be responsible,” Basu told mediapersons at the CPM party headquarters on Alimuddin Street after attending the state secretariat meeting.

Some key Left Front partners such as the Forward Bloc and RSP have been criticising the CPM for deviating from the Marxists’ ideology and widening the scope for growth of capitalism by accepting private capital for the state’s industrial pursuits.

Basu said, “In the existing situation, we have no option but to accept private capital. But our government will continue its social welfare programmes to uplift the poorer sections of society.”

The chief minister had also expressed similar views while addressing a party gathering on Thursday. Bhattacharjee had said, “The government does not have any capital to set up heavy industries like steel and power. Naturally, we have to accept private capital.”

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