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Karat will lead the party as interim coordinator until the 24th party congress in April.
CPI promises to enhance the daily wage under MGNREGA to Rs 700.
CPI, CPM say the decision to field 2 national leaders goes against the bloc's agreement.
Politburo member Prakash Karat has urged the Congress party to put aside its 'narrow outlook' to fight the BJP.
The 69-year-old has been at the helm of the largest left party in India since the 21st Party Congress in Visakhapatnam in April 2015.
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