"Chavez was a revolutionary symbol of Left.
"The left parties around the world have suffered a huge loss with the passing away of the legendary leader," said Karat at an event to commemorate the life and work of the Venezuelan leader.
Chavez died of cancer this month after ruling the Bolivarian republic for 14 years.
Praising the socialist policies of Chavez who brought about a transformation in the healthcare and education sector in Venezuela, CPI leader A B Bardhan said he had learnt from the ideals of Cuban leader Fidel Castro and implemented them in his own country.
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"Venezuela needs our support more than ever now. The evil forces are looking to grab power in the country after Chavez's death and undo everything that he did.
"The left and progressive leaders from around the world need to support the Latin American nation even more and ensure that the socialist policies and the good work of Chavez continues," he said.
Milena Santana Ramirez, the Venezuelan Ambassador to India, said the charismatic leader was always very optimistic of India and wanted to maintain greater ties with India.
"After his visit in 2005, Chavez wanted to come back to India forge stronger relations with it," she said.