The Communist Party of India- Marxist on Monday came out with a hard-hitting appraisal of the United Progressive Alliance's economic performance and decided to stay away from the May 22 celebrations of the alliance's one year in power.

The CPI-M said it does not want to part of government "stock-taking".

Criticising its economic policies, mainly its approach to FDI in sensitive areas like banking, retail trade and mining, the party said the government is eager to work for foreign finance capital and big business and is "unwilling" to address issues concerning toiling masses.

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Addressing a press conference on the two-day meeting of the party's politburo, which ended yesterday, CPI-M general secretary Prakash Karat said the party strongly condemned the BJP-led National Democratic Alliance for its boycott of Parliament and accused it of being "unable to comer to terms" with Lok Sabha poll defeat and indulging in "confrontationist tactics."

Regarding the post-Godhra riots in Gujarat, the party demanded that six serious cases pending before the Supreme Court be referred to the Central Bureau of Investigation.

Describing the government's approach to foreign direct investment as a "major" area of concern, Karat said such measures "erode national sovereignty and, in the case of retail trade, would cause big loss of employment adversely affecting millions of traders and shopkeepers.

"But the government seems to be determined to go ahead..." Karat said adding CPI-M was against opening up of the financial sector including banking and insurance.