It called upon the people to rise in protest against these policies that only favour the maximization of profits at the expense of growing misery for the people.
The CPI(M) on September 15 criticised Union Finance Minister Nirmala Sitharaman, saying decisions taken by her ministry have resulted in the economic slowdown.
In a statement, the party said that instead of announcing a big increase in public investment to build much-needed infrastructure, at the same, generate employment and thereby boost domestic demand, the finance minister once again announced measures that in the first place have caused this economic slowdown bordering on recession.
"The emphasis on targeting private investment in the realty sector and the effort to boost exports cannot succeed. Global trade volumes are shrinking and houses are not being purchased because of sheer lack of purchasing power among the people.
"The Rs 70,000 crore worth of packages announced yesterday, instead should have been put to use in increasing public investment and paying the arrears of the MNREGA which would have boosted the purchasing power in rural India," the statement said.