He said the BJP is faced with anti-incumbency due to demonetisation and the GST in Gujarat and a similar adverse public opinion in Himachal Pradesh. The two states would be soon going to polls.
"There is talk (of early elections). Their is anger among people about demonetisation and GST... these two have attacked the livelihood of people.
"I don't know, (it is) the government, it is their call. But I think anyway we are prepared and the whole country is prepared even if there is going to be an early election," Yechury told reporters on the sidelines of a party program.
"There is a very strong anti-incumbency...that I think is on two issues -- demonetisation and implementation of GST.
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"This has ruined the lives of crores of people. And in both the states this is very palpable. How that manifests itself in voting that we will have to wait and see," he said.
The Left party always looks for "alternative policies" and not "alternative leaders", he said.
"But definitely in both the states, as far as the Left is concerned, we have been saying that what we need is alternative policies, not alternative leaders. Neta nahin. Niti chahiye. That is the slogan we have given," he added.
Earlier, in his address to the party cadre, the CPI (M) leader slamming the BJP and Prime Minister Narendra Modi said some of the important growth parameters are tapering.
Referring to organisations such as the Hindu Sena, he alleged that "private armies" are ruling the country.
The BJP is resorting to "votebank politics" to consolidate "Hindutva votes", Yechury said.
He also came down heavily on the Modi government, alleging that constitutional bodies such as the Election Commission and RBI are being manipulated.