SUCI(C) vehemently protests drastic cut in small savings interest as another step towards squarely passing on burden of capitalist crisis on common people

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Comrade Provash Ghosh, General Secretary, SUCI(C), has issued the following statement today :

We vehemently protest the way BJP government at the Centre within a month of announcing its decision to revise small savings interest rates every quarter and in keeping with the practice of declaring major fiscal and monetary policies seriously affecting people’s interest bypassing parliament, has now drastically slashed the interest on postal savings as well as PPF from 1 April next. It does not need any mention that this highly anti-people decision would put a good number of people including senior citizens in dire straits as a continuously lowering of income from hard earned savings parked either in banks or small saving schemes including would drastically reduce their purchasing power in market marked by spiralling rise in prices. While as high as Rs 36.5 lakh crores worth of tax concessions and waivers have been granted to industrial houses and corporate barons in last ten years and top monopolists have been merrily getting away by embezzling public fund through defaulting lakhs of crores of rupees of bank loans, the government is meting out harshest of punishment to the common citizens back-broken by ruthless economic oppression compounding with every passing hour. It is evident that the aim is to gradually withdraw all relatively secured avenues for savings and compel people to divert whatever little they save for rainy days to speculative stock market either through direct participation or via intermediaries thereby putting safety of their money in total jeopardy. This very move once again proves what acute and insolvable a crisis ruling capitalism is enmeshed in and how its servitor government in absence of desired surge of organized conscious powerful people’s movement is squarely passing on the burden of that crisis on the progressively impoverished and pauperized toiling masses.

We once again renew our appeal to the increasingly assailed common people not to remain a passive onlooker or helpless bystander when such gruelling capitalist onslaught is descending upon them and instead close their rank to immediately build up the imperative protest movement based on higher ethics and culture and under correct revolutionary leadership.

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