After a meeting of its National Executive, the party said it had discussed the upcoming Presidential election and "took note of the proposal put forth by Tamil Nadu and Odisha Chief Ministers" for Sangma's candidature.
"Our party is of the view that the candidate to the office of the President must have wider acceptance and if such a candidate emerges on the basis of consensus, it will be good in the given situation," CPI said in a statement after the two-day meeting.
The meeting, presided by A B Bardhan, also discussed the prevailing political situation after CPI General Secretary S Sudhakar Reddy gave a brief report on it and the party's activities.
Attacking the government for the steep hike in petrol prices and demanding an immediate rollback, it said the "totally outrageous and unjustified" increase was a result of the Congress led UPA-II government's "failure" to manage the economy.
"The unprecedented decline in the value of rupee is the result of disastrous economic and fiscal policies of the government.
"Succumbing to the pressure of the US administration, the government strained its relationship with Iran, which has adversely affected purchase of crude oil from there and also the much needed Iran-Pakistan-India Gas Pipeline Project," the CPI said, adding that as a result, the country was "paying through the nose".
The party leaders also discussed the Left parties' call for a nationwide protest day on May 31 and decided on the actions to be taken.