The party has also demanded the government to take over private Indian banks. It has advised the government to pump in investment in productive sector so as to create more and more jobs, which would increase purchasing power of the government.

Addressing a press conference here in the parliament house the leaders of the party in the two Houses, including Gurudas Dasgupta, D Raja, and CK Chandrappan, said the government has gambled by asking the RBI, SBI, mutual funds and the insurance companies to doll out huge national resources to bail out the stock market.

Disclosing the figures to drive his claim home Dasgupta demanded the government to reverse its approach vis-à-vis economic and financial sectors adding that the UPA coalition should immediately withdraw two bills that permit the foreign companies to take over domestic banks and the other which is relating to merger of banks.

He said the FFIs have withdrawn about 11 billion following the bloodbath in the Indian stock market, the foreign exchange reserve is depleting, the real estate prices coming down and mutual funds are losing at least Rs 30,000 crore.

Quoting the figures of the report of the International Labour Organization to prove his point, Dasgupta said an estimated 10 lakh jobs in Indian construction would be cut after the government allowed four private players to manage the Employees Provident Fund pumping out Rs 30,000 crore to mop up the stock market.

He said the insurance companies have invested Rs 55,000 crore in stock market in one year, and the Indian mutual funds Rs 16,300 crores adding the government has allowed short see selling by allowing participatory notes, which happened in the Harshad Mehta's case too.#