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Main communist group to support new Indian Govt from outside

NEW DELHI, Monday (AFP)

India's two main leftist parties, the Communist Party of India-Marxist (CPM) and the Communist Party of India (CPI), will not join the Congress-led coalition of Sonia Gandhi, party leaders said Monday.

"Not join the government," senior CPM leader Somnath Chatterjee told reporters when asked what was the party decision.

Leaders of the dominant Marxist party, with 43 MPs in the newly-elected parliament, took the decision at the end of three days of hectic parleys in the capital.

The Communist Party of India (CPI), which has 10 members elect, earlier said it was not joining the government but kept the issue open for the CPM and other leftists.

Both parties have already pledged they would support a Congress-led government from the outside.

"As of now we are not joining the government. We will extend outside support," CPI national secretary Atul Kumar Anjaan told AFP. The party, however, left the issue open saying that if all the left parties favoured joining the government, it would also do so.

According to sources, tremendous pressure from the CPM's cadre in left-ruled southern state of Kerala led to its decision.

In Kerala as well as in eastern India's West Bengal state where the CPM has been in power for over 20 years, the Marxists have been in a straight fight with the Congress.

Joining the Congress-led coalition in New Delhi would have upset the party's support base in the states, the sources said.

Meanwhile Senior Indian Congress leader Manmohan Singh, tipped to be the next finance minister, said Monday a new Congress-led government would be both pro-growth and pro-trade as he sought to calm tumbling markets.

Singh, the architect of the first series of reforms introduced in 1991, said the new government would be "pro-growth and pro-trading," adding that the stock markets should find stability in its policies.

"There will be stability for the stock markets in our policies," he said, after trading was suspended for a second time Monday when shares dived more than 15 percent amid investor panic about the future of economic reforms under a communist-backed administration.

At the same time, Singh said the government would take action against any speculators seeking to manipulate stock prices.

"The new government will not hesitate to take action against those who seek to manipulate the market and create artificial panic," Singh told reporters, adding he did not know whether any manipulation was taking place.

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