CPI(M) general secretary Prakash Karat today accused Congress of overturning its own policy of bank nationalisation, implemented by former Prime Minister Indira Gandhi, by allowing big industrialists to open banks.

"....The RBI has been asked to decide who should be given licence to open banks, which were nationalised by Indira Gandhi," Karat said addressing a meeting as part of his nationwide "Sangharsh Sandesh Jatha".

"Common people are reeling under distress following price rise, the government employees have a sense of insecurity of losing jobs following government policies and the youth worry over increasing unemployment, and the government is going on (the path of) privatisation," he said.

Karat claimed that the recent increase in diesel prices by rupee one on bulk purchases would affect state transport corporations and the Railways resulting in fare and freight hike.

The Sangharsh Sandesh Jatha's aim was to pass on the message that with the support of common people, the Left Front could provide alternative policies to mitigate "all their problems", he said.

The Centre had hinted through the budget that fertiliser subsidies would be cut and petroleum prices hiked, Karat said, lamenting that the labour force did not have minimum wage while the government policies were paving the way for privatisation in education and health care to "compound the misery of the common man".