CPM leader Prakash Karat said public resources went into the hands of private institutions. (PTI file photo)
Senior CPM leader Prakash Karat today criticised the post-1991 liberalisation regime.
"The liberalisation policies which are being implemented since 1991 have had much negative impact on the Indian economy," he said at a seminar one '25 years of liberalization and its experiences' to mark 24th death anniversary of CPM ideologue Makineni Basava Punnaih in Vijayawada.
"Our industry, agriculture and finance sectors have been facing crisis with the implementation of liberalisation for the past two and a half decades," Mr Karat said, adding cheap agricultural and manufacturing products flooded the country after the economy opened up.
Foreign direct investment was allowed in the banking and insurance sectors as a result the government's stake in banks and insurance firms came down.
Previously the government protected public sector institutions but now the Modi government "does not care" about them, he said.
"Public resources went into the hands of private institutions," he said.
With liberalisation, human relations and values eroded and everything in the society became a commercial product, he added.
Mr Karat also released a compilation of the works of Makineni Basava Punnaih, published by Makineni Basava Punnaih Vignan Samithi, on this occasion.