"The address of the Prime Minister came too late and was disappointing. The stress is more on peace than on the concrete steps to prevent the recurrence of atrocities on women or on the actions for security of women. This will not restore confidence among the people," the party's Central Secretariat said in a statement.
The party also expressed condolence over the death of police constable Subhash Tomar, calling it "unfortunate".
Condemning the violence during Sunday's protests over the gangrape of the 23-year-old girl here, CPI said the police "could have shown more restraint."
It criticised Home Minister Sushilkumar Shinde, saying his statement was "irresponsible and provocative" and accused him of making mockery of the anger and indignation of the protesters on "a justified issue of security to women".
"We advise the Home Minister to control his anger, as it fuels the fire," CPI said.
It also said that the cases against former Army chief V K Singh and Ramdev were "signs of nervousness of the government".
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"The attempt to stamp the spontaneous outburst of people to some individuals and hidden hand of political parties and attempt to find hooligans, cannot whitewash the general discontent of the people against the miserable failure of the government in maintaining law and order in the NCR.
"The recent events once again proved that the UPA government has lost its credibility and the confidence of the people," the party said.