Tuesday, February 22 2005 15:28 Hrs (IST) - World Time -

Kolkata: Veteran Left economists today (Feb 22, 2005) strongly criticized the United Progressive Alliance (UPA) Government's move to explore the options of investing money collected under Employees Provident Fund (EPF) in various avenues including the stock market.

Former Finance Minister of West Bengal and noted economist Ashok Mitra said, "It was just another step on the road to hell."

"This move of the Government cannot be supported at all," Mitra reiterated.

Mitra's comments came in the wake of the decision yesterday (Feb 21, 2005) by the trustees of Central Board of Provident Fund to appoint international consultancy firm Mercer suggesting ways and means for increasing the returns on investments including the option of parking a certain portion of the funds in equities.

The Left backed trade unions, Centre of Indian Trade Unions (CITU) and All India Trade Union Congress (AITUC), as well as Bhartiya Mazdoor Sangha and Hind Mazdoor Sabha has reportedly expressed their reservation at the move.

Mercer would submit its report to the board following, which the Government would take a view on restructuring the investment pattern of EPF.

Echoing the same view, another Left economist Amiya Bagchi said that there was absolute no logic in investing EPF money in the stock market.