India is the world's twelfth largest economy and the economic reforms introduced in the 1990s have transformed this subcontinent of 1 billion people into the second fastest growing economy in the world.
India is also the largest democracy in the world. India is a federal republic which has twenty-eight states. The state of West Bengal is one of them. West Bengal is the hotbed of the Indian independence movement. Since independence in 1947, the state has for decades supported the Marxist communist ideology followed by the Communist Party of India- CPI (M). Its impoverishing economic effects have been widely felt in the state.
Aging CPI(M) patriarch Jyoti Basu, 93, today said he supports West Bengal Chief Minister Buddhadeb Bhattacharjee's stand on capitalism, and it is needed to industrialise the state. "Socialism is not achievable at this point of time. We have been working within the capitalist system and as such private capital has to be used while social welfare programmes by the state government would continue," Basu told reporters in response to a question after attending a meeting of the party's state secretariat. "Socialism is a far cry. Socialism is our political agenda and it was mentioned in our party document but capitalism will continue to be the compulsion for the future", the CPI(M) politburo member said.
Source: Headlines India- January 05, 2008
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