New Delhi: Three days after it gave a mixed report card on the performance of the UPA (United Progressive Alliance) Government, CPM said today (Nov 4, 2004) it will ensure stability of the Government.

"The Government stability is perfectly and completely ensured," CPM (Communist Party of India-Marxist) Polit Bureau member Sitaram Yechury said in New Delhi at one of the 'workshops' organised as part of the 'Euro-money Conference', which is being attended by political leaders from various parties, including Congress and the BJP (Bharatiya Janata Party).

This comes after the party had said after its recent central committee meeting that some of the policy positions of the Government were "dictated by erroneous outlook that unjustifiable concessions must be given to foreign capital at the expense of domestic industry and the public sector to attract more FDI (Foreign Direct Investment)".

Admitting that there were differences, especially with regard to FDI, between the Left and the other partners in the Government coalition, he said his party was not opposed to FDI provided it increased productive capacity, brought better technology and generated more employment.

To a pointed question on Finance Minister P Chidambaram's suggestion that foreign banks could be allowed to engage in creeping acquisition of domestic private sector banks, he said everyone (including the minister) has the right to make suggestions, but when it becomes a policy matter "we will express our view at the right forum."

Congress MP Jyotiraditya Scindia attacked the previous NDA (National Democratic Alliance) Government for carrying out disinvestment to bridge the revenue deficit and said manufacturing was a key issue.

BJP national executive committee member Jagdish Shettigar countered Scindia'a arguments, saying that disinvestment and privatisation should not be seen in isolation, but viewed in the larger context of macro-economics.