India's capitalist "miracle" is nightmare for workers

Country’s economy in the grip of severe inflation
caused by inexorable laws of capitalism

When spurt in inflation is stated to be 9.73% in October last and food inflation as per official version is as high as 12.21% which is tearing the people apart, the central government led by an ‘economist’ prime minister has okayed another dose of substantial increase in the retail price of petrol – 11th time in 12 months — that is slated to give fillip to this spiralling inflation and thus add to the groaning burden of toiling masses. Who does not know that the very process of arriving at the numbers is tampered in many ways to understate the lurking reality and hence the aforesaid figures are no exception and hence true reflection of people’s predicament? The bourgeois government as well as the economists and columnists on the pay roll of ruling capitalism are, however, unfazed. They justify the untold misery and suffering of the people owing to galloping rise in inflation as something fate accompli because of ‘international situation’, ‘compulsion of sustaining a high growth path’, ‘supply constraint’, ‘demand increase’ and so forth. “High food price inflation has been a particular cause for worry in the recent months,” said the ‘economist’ the Prime Minister who at the same breath has no qualms in commenting that skyrocketing of prices “is a sign of growing prosperity of our country” One would recall that the same ‘erudite’ prime minister who often shed crocodile tears for aam aadmi (common men) had remarked a couple of months back that headline inflation would come down to 6 per cent by the year-end. But the suffering people know from their experience that these are all bunkum—rattles and prattles of a bunch of self-serving power-hungry hypocrites who survive on the crumbs of the exploitative rulers and hence peddle in hollow pedagogy and mellifluous demagogy to obfuscate the truth.

Inflation –inevitable in capitalist economy

Truth is that inflation which is characterized by soaring price line of all commodities including food and other essential items of daily necessity has its rule in the inexorable law of capitalism. Bourgeois economists try to define inflation as a situation in which ‘too much of money chases too little a goods’. They contend that when money in the hands of the people increase, there is spurt in demand and if supply falls short of meeting the rising demand, prices shore up. In other words, their argument is that increase in the circulation of money in the system causes inflation which indicates a growth in economy and hence bears hallmark of prosperity. Fact is just to the contrary. Inflation is, so to say, pictogram of capitalist economy. It is fallout of the very operation of the capitalist economy where maximization of profit of the handful of owners of the means of production through ruthless exploitation of the working people is the objective of production. As a result, while wealth is concentrated in the hands of a few capitalist owners and a handful of their boot-lickers, people at large are continuously pauperized through rapid fall in purchasing power. This dwindling purchasing power lowers demand for goods and thus causes market crisis of capitalist rulers. So long laissez faire economy was in operation during the very short period of rising capitalism, the demand-supply-price mechanism was not causing that much of havoc as it is doing today. But as the days rolled by and capitalism following its inexorable course of development reached the stage of monopoly, all such mechanisms ceased to be in vogue and all kinds of aberrations began to surface. In order to sustain maximization of profit in such an ever-shrinking market, ruling capitalism is resorting to various unfair if not outright criminal activities like price manipulation, creating artificial shortage of goods through supply control, widening scope for rampant speculation centering on price movements of foodgrains and other articles of use, jacking up fuel prices under fraudulent pretexts, abetting huge generation of black money by unscrupulous tax-evaders and underhand deal makers and so forth which are pushing up inflation and wrecking the people. This escalating inflation, contrary to what the bourgeois pundits seek to project, is neither ‘demand-pulled” by any figment of imagination nor is sparked by any real ‘supply constraint’. So, the reason behind current spurt in inflation cannot be understood expunged from the acute market crisis of decadent moribund utterly corrupt capitalism and various manipulations and manoeuvres of the quarters subservient to capitalism to ensure profit maximization of capitalist rulers squeezing out the last drop of blood from the poor and impoverished. Inflation is manifestation of the festering sores of moribund capitalism and squarely the entire burden of capitalist crisis is passed on the people by distorting reality, uttering certain high-sounding economic jargons and seeking to justify a palpable economic crime committed on the people through offering a bunch of trashes.

Frequent hike in fuel tariff fuelling inflation

A little elaboration will unfold the bourgeois conspiracy. The government claims that it is taking “required fiscal and monetary measures to ease inflationary pressures.” At the same time, it is merrily hiking domestic fuel tariff at regular intervals even admitting that it would add to inflationary pressure. The government and its apologists have two arguments to justify their action. The first one is inability to subsidize ‘huge’ loss incurred by the oil marketing companies and the second one is the increase of international crude price. Before exposing the fallacy of these arguments purported to buttress a heinous agenda of swindling people’s pocket to fatten the overflowing coffer of the blood-sucking monopolists and corporate sector, the question that ought to feature first is what obligation the 95% of the battered and bruised populace have to either rescue or augment the wealth and prosperity of the 5% rich and affluent who are thriving on the hunger and destitution of the former? If the exploiting capitalists or capitalist state are incurring loss or missing out higher profit opportunities, why should semi-clad semi-starved tortured have-nots compensate for that by embracing further indigence and destitution? If the blood-suckers sting on one’s skin, one has every right to take counter-action to protect oneself. So, there is no question of the people bearing the groaning burden of capitalist crisis.

Next point is that both the arguments of the government in support of fuel tariff hike are hoaxes. The published results of the oil companies, both in public and private sectors, have been reporting huge profits. For example, during the year 2010-11, Indian Oil Corporation (IOC) has booked a net profit of Rs. 7445 crore ($ 1,633 million), Hindustan Petroleum (HP) Rs 1,539.01 and Bharat Petroleum (BPCL) Rs 1,546.68 crores. Billionaire Mukesh Ambani-owned Reliance Industries Limited (RIL) has “attained the largest profit growth in its history with record operating and financial results from each of the three core segments of petrochemicals, refining and marketing and oil and gas” and its consolidated net profit for the fiscal ended March 31, 2011, grew by over 27 per cent to Rs 20,286 crore ($ 4.5 billion). So where is the loss? In fact, the ‘loss story’ is a ghost one—a kind of sleight or sorcery to befuddle people. What is being projected as loss is in fact ‘under-recovery’. India imports crude oil from outside and gets it refined in the country. Suppose, the sale price of 1 litre of refined oil in the international market is Rs 100. But since refining cost in India is much lower, even after keeping the same margin of profit as in the international market, the refined oil is sold at Rs 70 per litre in domestic market. But the Oil marketing companies argue that as per ‘import parity pricing principle’, they are denied opportunity to earn Rs 30 (100-70). This Rs 30 is ‘under recovery’. Would anybody call this ‘loss’? And that is not all. The government is keen to compensate for this ‘imaginary loss’ of the oil behemoths by extracting higher price from the poverty-stricken wretched people. In 2007-08, IOC reported a net profit of Rs 7,912.4 crore even as it claimed under-recovery of Rs 9,774 crore. In the same period, BPCL and HPCL reported net profits of Rs 1,769.5 crore and Rs 1,364.1 crore, respectively, while they claimed increased under-recoveries. Why should people reeling under abnormal price rise foot the bill of this ‘under recovery’ to satiate greed of extra profit of the oil behemoths?

Even the oft-repeated plea to relieve the government of shouldering huge subsidy burden to peg down retail fuel price is a palpable lie. During 2009-2010, the Petroleum Sector contributed more than Rs. 90,000 crore in the form of taxes, duties, dividend etc. to the government kitty whereas in 2010-11, the amount is envisaged to be around Rs 1,20,000 crore. On the other hand, the government put the subsidy figure to Rs 53,000 crore. Even on 5 November, the union finance minister who feels “providing subsidy to give some relief to the people causes depletion in funds for development” admitted that last year, the government has provided Rs 78, 190 crores to the oil companies to compensate for ‘under recovery’ while combined tax revenue earned by the central and state governments from oil has been as high as Rs 1.80 lakh crore. (Ananda Bazar Patrika-06-11-11) The question, therefore, arises is who is subsidizing whom? As regards spurt in international crude price, it can be shown that impact of the same on domestic crude production is very less. Secondly, an Indian Oil official is quoted to have said just the other day that “crude has crossed $108 per barrel and is likely to remain firm.” ((Financial Chronicle—21-10-11) This price, incidentally, is lower than the levels the international crude tariff ascended a few months back. Moreover, oil corporates are minting huge profit by exporting refined oil. “We are getting relatively cheaper crude. This larger differential means stronger refining margins for Asian refiners,” said an official with a leading crude oil refinery in India. ((Business Standard—18-05-11) In the face of such admissions, the drummed up ‘loss making’ of the oil sector is proved beyond doubt as cock and bull story. Another argument floated of late is about depreciation of rupee vis-à-vis US dollar which is stated to be pushing up India’s oil import bill. It may be recalled that riding on a 10 per cent appreciation in the value of rupee against dollar, IOC saved as much as Rs 10.43 billion in crude acquisition in 2007-08. In the same period, BPCL saved Rs 2.98 billion on purchase of crude. What also came to the OMCs’ help was the widening light-heavy crude price spread as the international markets hardened. Did they pass the benefits to the consumers then? If not, why is this hue and cry when there is slight fluctuation in rupee-US dollar exchange rate which, according to the finance experts of the country, “is not expected to last long?” Moreover, 50% of the retail price of fuel in the market is on account of tax and cess imposed by the government. That means if a litre of petrol costs Rs 70, almost Rs 35 goes to the government as tax which is recovered from the people. What stops the government who is so keen to ensure maximum profit to the large oil corporates from giving some relief to the people by bringing down the tax levied on retail price? On the contrary, why cannot the government levy additional tax on the massive profit the oil companies make by way of export? We know it cannot and would not do so because it is not committed to the people but to the ruling monopolists. And this escalating fuel tariff has a cascading effect on soaring price line and hence is a powerful factor in pushing up inflation because the business houses, transport operators and others in no time recover the additional fuel cost from the people by way of raising prices of all commodities.

Stock market investment and FDI contributing to spiralling inflation

Apart from raising fuel tariff under fraudulent pretexts, other fiscal and monetary policies of the government are accentuating inflation beyond limit. As we all know, in the current phase of decadent moribund capitalism, idle capital in the hands of the bourgeoisie is, in place of productive investment, being deployed in capital market speculation. For quite some time, in the name of following liberal policies of capitalist globalization, government of India has been opening up its share market to foreign players. With scope for netting better returns through speculation in Indian stocks technically known as ‘portfolio investment’, huge foreign capital is making way into India. Investment in stocks like investment in real estate is a capital investment. As per prevailing rule, if any foreigner including Non-resident Indians wants to make portfolio investment or invests in townships, housing, construction development projects, built-up infrastructure etc. foreign currencies through liberalized Foreign Direct Investment (FDI) rules, the same has to be converted into Indian rupees at existing parity rate. The same is the case with heavily borrowing of funds from outside the country (known as External Commercial borrowings) in foreign currencies by big Indian corporates to take advantage of lower interest abroad compared to Indian market. In these cases, Reserve Bank of India keeps the incoming foreign currencies in its custody and releases equivalent number of Indian currencies which increases money supply and inflation.

Widespread speculation in food and other commodities

With scope for share market or to be exact, capital market speculation being widened, the bourgeois economists and theoreticians under the garb of ‘financial innovations’, are devising newer modes of conducting speculative activities. One of such modes is known as ‘derivative’ comprising ‘forwards’, ‘futures’ and ‘options’ which operate based on bets over future price movements of various commodities including essential food items and also on exchange rates of currencies. Futures are contracts made between sellers and buyers for sale and purchase of a fixed quantity of a commodity at a fixed price at a future date. Of late, there is rampant speculation in the ‘commodity future’ market over the prices of foodgrains like rice, paddy or pulses entailing massive price manipulation of these essential commodities particularly food articles through hoarding and such other tricks by the punters and gamblers receiving finance from large corporates, banks and financial institutions. According to a recent FAO (Food and Agricultural Organization) report, this derivative trading has “paved the way for massive amounts of cash becoming available for investment by equity investors, funds, etc in markets that use financial instruments linked to the functioning of agricultural commodity markets, e.g. future and option markets”. Among such investors are speculators trading in agricultural commodities. (Statesman-27-10-11) In India also, this ‘derivative’ trading is bouncing. Though under public pressure, there has been some cosmetic restriction of ‘future’ trading on a few items, fact is that it is going on a full scale causing hefty rise in the prices of food and other items completely delinked from the supply position. This is another instance of how the government policy of deregulation and broad-basing of share market (in correct term, capital market) is increasing inflation. The apologists of capitalist economy often argue that in globalization, market forces will adjust and balance everything—demand, supply, price, quality or competition and the price level. But the fact is that it is no market-economy but a well-nigh calibrated economy determined, dictated and operated by the ruling monopolists through their government and various other functioning arms with the sole objective of maximizing returns for filling up their swelling coffers at the cost of the toiling people.

Black Money running parallel economy

The factor that comes next is omnipotent black money which runs a parallel economy and plays a huge if not significant role in stimulating inflation by way of hidden increase in money circulation at massive scale. Just after independence, Prof. Nicholas Kaldor, a well known British economist in a report to the Government of India observed in 1956 that massive tax avoidance and evasion was a grave malady in India and tax avoided and evaded giving rise to a volume of black money which was as big as to a run a parallel economy. After 50 years, it can be well imagined what magnitude it has reached because there has been no abating but abetting to black money generation in all forms. Apart from tax evasion, unaccounted illegal wealth or black money also gets generated through criminal means, be it through smuggling, for instance of drugs or arms, through ransom paid to kidnappers, bribes, cut-money taken by politicians and bureaucrats, and so on. Almost everyone knows that the number one absorber of black money within India is the property business. In recent times, the surge in property prices in some prime cities was linked to pay-offs from, among others, the 2G, Commonwealth games and iron ore scandals. But the government has no intention to rein in it. Rather, it covertly encourages such transactions for obvious reason. People have been witness to how the government had in the past showed amnesty to black money holders in the form of voluntary disclosure scheme etc. For example, in purchase of real estate, the declared price is mostly understated to avoid payment of tax duty and the undisclosed component is transacted in black money. To stop this, a provision 37(i) of the Income Tax Act was introduced, allowing I-T authorities to buy a property at the price at which the seller was claiming to sell it to another. This had some restraining impact on black money-controlled realty business. But in 2002, the government withdrew it on the plea that tax officers were using it to harass and blackmail property sellers pleading helplessness to curb the rampant institutionalized corruption which has become hallmark of capitalist system.

While black money is stamping around with impunity in the domestic market fuelling inflation, fostering black-marketing, hoarding and rampant indulgence to unlawful money transactions, a good part of the same is also being stashed away overseas through dubious means for netting further illegal gains. Sizeable unaccounted money exits the country through illegal ‘hawala’ route and then re-enters the country in the form of either portfolio investment or FDI via tax havens like Mauritius to boost inflation. In a November 2010 report titled ‘The Drivers and Dynamics of Illicit Financial Flows from India: 1948-2008’, Global Financial Integrity (GFI), a Washington DC-based think tank said that India had lost $213 billion in absolute terms: “Adjusting this for accumulated interest on gross illicit outflows increases the figure to $462 billion.” It also added that “Disguised corporations situated in secrecy jurisdictions enable billions of dollars shifting out of India to ‘round trip’, coming back into short- and long-term investments.”

Save and except occasional expression of concern at this ‘to and fro’ journey of black money for playing to the gallery, the government is extremely careful to avoid any step that might inconvenience the hawla clients and operators. This is a glaring illustration of how the ‘extremely concerned’ government is loath to take any action against the black money operators lest, as the saying goes, “looking for a rogue should find one in every village.”

Fiscal policies and deficit financing boosting inflation

Let us take another example of pro-inflation fiscal measure. One would remember that while introducing Value Added Tax (VAT) six years back, Ashim Dasgupta, the former CPI (M) finance minister of West Bengal who was also the convener of the Empowered Committee of State Finance Ministers constituted for the purpose by the Congress-led central government had claimed that “VAT will not only provide full set-off for input tax as well as tax on previous purchases, but will also abolish the burden of several of the existing taxes, such as turnover tax, surcharge on sales tax, additional surcharge, special additional tax, etc. … will improve tax-compliance…augment revenue growth … and therefore help common people, traders, industrialists and also the government.” But what has been the fallout? The consolidated VAT amount has been straightaway loaded on the prices of various items by the industrialists, businessmen and even the government agencies. Thus while they felt no impact of this additional taxation, common people ended up in bearing the load by paying increased price and thus become victims of soaring inflation. What a novel way to fleece the people and inflate the kitty from where funds are liberally released to bail out bankrupt corporates and financial institutions in the name of fiscal stimulation and safeguard profit opportunity of the ruling monopolists !

Another factor which is perilously spurring on inflation is unbriddled printing of currency notes to finance budget deficits. In the process of giving enormous concessions to the industrial houses, financial institutions and affluent sections in the form of tax waivers, subventions, bailout packages coupled with huge pilferage, wasteful administrative expenses, malfeasance including money laundering, government expenditures exceed income by a huge margin. To bridge this gap, the government besides borrowing heavily from the market resorts to fresh printing of currency notes which tremendously increases money circulation. This is undertaken in such massive a scale and with so much of secrecy that the government does not have the guts to report it to the parliament. According to budget papers, over Rs 9.5 lakh of income crores was foregone during the last two years because of large scale tax concessions, rebates and so forth granted to the industrial houses and corporate sectors in the name of ‘fiscal stimulus’. The government, of late, is mulling even to bail out a top monopolist-owned private airlines from public exchequer. As per Comptroller of Audits and Accounts, the 2G spectrum scam has cost the exchequer to the tune of Rs 1,80, 0000 crore. And to make good this huge drainage, besides raising loans from the market, the government is quietly printing additional notes. What for are fiscal policies, measures and practices are undertaken? Is it in people’s interest or to satiate the profit thirst of the exploiting monopolists and their hang-ons?

Appalling food inflation—fallout of hoarding and speculation

Food inflation, as we mentioned at the outset, is going up at an alarming rate making people bleed white and incapacitated to eke out a living. Starved of food because of non-affordability to bear rising prices, people would have no other way but to commit suicide. Besides economic reasons and outright anti-people fiscal and monetary management policies, the political-administrative decisions of the government at the behest of the ruling capitalist class are also shooting up food prices. Often, the government spokespersons in order to divert people’s attention hold ‘insufficient monsoon’, ‘excess rain’, draught or flood responsible for paucity of foodgrains, vegetables and such other items. But if facts are presented in sequence, the government would be caught in its own web because it itself in its documents boasts of ‘record’ agricultural production which means food articles are available in plenty. The very fact that there is no supply constraint and the so-called scarcity is cent per cent man-made is also proved when one finds everything available if one is prepared to pay more. We have already shown that the claim of rising demand by bourgeois apologists is bogus because 77% of the countrymen as per government-appointed Arjun Sengupta report languish below poverty line with a spending capacity of not more than Rs 20 a day. The ‘supply scarcity’ theory is also proved to be utterly motivated when one finds that huge quantity of food and other articles are exported. In whose benefit the government is trading in the hunger of millions?

The spurt in food prices is mainly caused by the big hoarders and blackmarketers who operate with alacrity in front of the very eyes of the ministers-bureaucrats-police and get away unscathed. Like other bourgeois governments, the government of India is also busy on fast implementation of the liberalized policies of capitalist globalization by dismantling whatever little mechanism was there for regulating prices of essential commodities through government intervention in the areas of food grain procurement and distribution. Taking advantage of this decontrol and deregulation, the big traders and hoarders are cornering agricultural produces and other food articles, stocking them in the godowns and selectively releasing in the market at higher prices to maximize profit. After independence, the government of India under pressure of democratic movement was forced to exercise some control on wholesale trade in essential commodities, introduce Public Distribution System (PDS) of supplying items of daily consumption in sufficient quantity at affordable price and adopted the policy of creating a buffer stock of food articles to meet emergency need in case crop production suffers due to any natural calamity or some other reasons. But once there was a slack in the pressure of people’s movement courtesy the pseudo-Marxists and self-styled leftists who deserted the path of struggle for pelf and power, PDS was decimated in a calculated way to make way for the big business and moneybags to reap bumper profit by open market deal on foodgrains, kerosene and such other items of extreme need. With more and more penetration of private operators, the peasants are denied just and reasonable price and retail prices of food crops and vegetables are soaring sky high to suffocate the common consumers. The whole arena has become a fiefdom of hoarders, black marketers and speculators with the government administration playing the role of an indulgent onlooker. In fact a cartel of hoarders-black marketers-big corporates has emerged to control both procurement and distribution of food articles. The peasants are forced to sell produces at throwaway prices to these cartels and then committing suicide en masse being unable to repay loans taken for buying agricultural inputs. The government is a passive beholder. It does not dare to touch this unholy nexus of unscrupulous elements since the ruling parties have virtually been sold out to them and are bound to dance to their tunes. Following the same policy, a move is afoot to handover the retail sector to the domestic and foreign monopolists. It is becoming obvious that as with rising inflation, back-broken people began to drastically cut their family budgets and refrain from purchasing various goods and articles of consumption, the ruling monopolists have now targeted the food sector without which one cannot survive. Once private monopoly completely takes over the food sector right from procurement to retail distribution, one can imagine what peril would overwhelm the already strangulated toiling people. It may be mentioned in this regard that in order to prevent this catastrophe, our Party since the 1950s has been consistently demanding all-out state trading in foodgrains and other essential items under which there would be no private trading in these items and the government would procure from the producers at fair prices and undertake distribution at affordable prices through properly designed and duly executed PDS. But the government paid no heed to that. Not to speak of the bourgeois parties, even self-proclaimed leftists-Marxists also did not endorse this demand. Thus, in order to satiate its lust for maximizing profit, the crisis-ridden ruling bourgeoisie is putting bare subsistence of the people at stake.

Fraud in calculating inflation

As we said earlier, what is more criminal is that while all these policies of and steps by the bourgeois government are jacking up inflation which itself is a product of capitalist economic law, the government is resorting to criminal manipulations in understating the rate of inflation. Instead of Consumer Price Index (CPI) which is compiled based on the retail price which people purchase goods from the market, the Indian government publishes the Wholesale Price Index (WPI) figure as inflation. Everyone knows that there is a huge gap between wholesale and retail prices. Just the other day, it came to light that a vegetable is sold at Rs 15 a kg in the wholesale market, retail price of the same hovered around Rs 25 to 30 a kg. So, it would not be incorrect to hold that actual figures of inflation are 3 to 4 times higher than what the government statistics hold out.

Government’s so called inflation-fighting programme

It is pertinent to point out that of late, the government, under public pressure, is saying that it wants to contain inflation by controlling money circulation. The control is not in the form of putting a brake on speculation, banning private trade in food articles or curbing generation of as well as unearthing black money but by increasing the interest rate on bank deposits on the assumption that people would save more and spend less. Incredible indeed! When people at large are hard pressed at of eking out a bare living, how come they would have money to save? On the contrary, upward revision of interest rate is making loans dearer. So, the credit-driven artificial stimulation that ruling capitalism seeks to inject in the market is affected. So, there is further contraction of demand resulting in stockpiling of goods and leading to increased recession which is staring at the entire capitalist-imperialist world including India. Thus, on one hand there is increase in price while on the other hand, there is plummeting demand. This peculiar situation in the current phase of dying capitalism is called stagflation—combination of inflation and stagnation which indicates the grave crisis capitalism is mired in today. In order to somehow plug the loophole at one end, it is opening up several holes somewhere else. To camouflage this cobweb it is entangled in, the government as well as bourgeois economists and columnists are advancing a queer argument that sustaining economic growth is more important than ‘worrying’ inflation. Rising inflation, they say, is natural in a growing economy. But the point is whose growth they are talking about? The growth of the ruling monopolists, big business and corporate sector or that of the toiling millions? The defenders of capitalism would immediately argue that GDP (Gross Domestic Product) is on a spiral. But is not that spiral accompanied by far more spiralling unemployment, huge job loss, retrenchment, rapidly dwindling income and hence purchasing power of the working people, appalling poverty, widening gap between the ‘haves’ and the ‘have-nots’ and above all, a cry of unbearable suffering rending the air? What then would any sensible person call these so called arguments—trash, rubbish or intellectual knavery to hoodwink people?

People must defend themselves

It is, therefore, obvious that this crisis is bred by the system itself and hence is insolvable within the system. So long capitalism is in vogue, there can be no respite from strangulating inflation. The savage fiscal and other economic policies of capitalism are practically flogging the people like the way masters used to treat their slaves in the medieval society. People have practically exhausted all their capacity to bear with this onslaught any more. They are under no compulsion or obligation to tolerate this lethal onslaught of the capitalist rulers. They have every legitimate right to defend themselves against the growing onslaught of oppressive capitalism by exerting counter-pressure—pressure of long-drawn organized united movement and gradually elevate this movement to the struggle for overthrowing capitalism. Evil power must be fought with power of justice and righteousness. “Capitalism must go, lock, stock and barrel”—such should be the slogan rending the air. Once this people’s movement surges forth and is channelized along right track under correct revolutionary leadership, chill would be sent down the spines of exploiting capitalist rulers and they might well yield to some legitimate demands of the people. Let this true anti-capitalist consciousness germinate in the toiling masses and much desired end of the murderous rule of capitalism materialize to hail dawn of new era.

source: http://www.suci-c.in/era/era.htm