"We want capital, both foreign and domestic. After all we are working in a capitalist system. Socialism is not possible now," he said in response to a question after a meeting of the party's state secretariat.

"We had spoken about building up a classless society, but that was a long time ago," he said.

Basu supported Bhattacharjee's contention that industrialisaton in the state has to follow the capitalist course and wondered why this was being objected to by Left Front allies.

"Socialism is our political agenda and was mentioned in our party document, but capitalism will continue to be the compulsion for the future," Basu, a CPM politburo member, said.

Pointing out that CPM-led governments existed in only three states in India, he said, "Can we say we will establish socialism on the basis of this?"

He said, however, while inviting private and foreign capital for industries, the interests of workers also needed to be taken care of.

Earlier on Thursday, Bhattacherjee had strongly pitched for capitalism as the only way to industrialise the state.

Criticising allies like Forward Bloc and RSP which have accused the government of deviating from from Left ideology after being in power for over 30 years, Basu said he failed to understand their objections.