"The ensuing Presidential election is expected to lead to realignment of political forces. Therefore, CPI is closely watching the developments though it has decided not to support either of the candidates," senior CPI leader D Raja told reporters here.
The Presidential poll would be significant as CPI and other left parties are now striving for projecting a left and democratic alternative to the UPA and NDA as both pursue "disastrous" economic policy, he said.
In changing political scenario, there would be a major role for regional parties, Raja said adding the proposed left-democratic force would be based on policy and programmes.
Dubbing UPA as a failure on all fronts, Raja said the Congress-led government has failed to curb price of essentials and inflation as its economic advisors are forcing it to pursue faulty economic reforms.
Holding Prime Minister Manmohan Singh responsible for putting the country in a crisis due to dismal performance of UPA-II, the CPI leader said the country presented a poor show in industrial, manufacturing and agriculture sectors.
Accusing UPA government of following policies in favour of corporate houses and multinationals, he said the Centre was also succumbing to pressure of the United States.
