"The aggressive pursuance of neo-liberal economic policy by BJP-led central government is resulting in growing public discontent as the common people are being denied the benefits of economic growth," he told reporters here.
This discontentment could be channelised into a mass movement by the Left parties, Yechury said.
He rubbished BJP's claim that the party's massive mandate in Lok Sabha elections has wiped out the opposition.
Yechury denied the notion that the Left was losing importance in the politics of both West Bengal and at the national level.
"It is not true that the Left is losing importance. The Left will bounce back. During the 1970s at the time of Congress oppression too it was said that the Left has become irrelevant. The Left came to power (in West Bengal) in 1977 and retained it for 34 years," he said.
Terming both BJP and Trinamool Congress as equal threats, Yechury expressed concern over the looming danger of fundamentalism gaining ground in the state and termed it as a threat for the secular fabric.