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FDI norms relaxation disastrous for India: CPI

Tue, Jun 21, 2016, 06:29 PM
The Central Secretariat of the Communist Party of India on Tuesday expressed serious concern on the relaxation of FDI norms that would adversely affect the country’s security as well as sovereignty.

In a press communiqué, CPI National General Secretary Suravaram Sudhakar Reddy lashed out at the BJP's NDA Government, saying that it surrendered to IMF-WB dictates by opening up the key sectors such as Defense, Pharma and others for FDIs.

After accepting the status of junior partner of USA, during his recent visit to that country, Prime Minister Narendra Modi had taken the most dangerous step of allowing hundred percent FDI in crucial sectors like Defence, Pharma, single brand retail trade, broadcasting carriage services, civil aviation and many more, he observed.

Though the government was claiming that these changes in norms of FDI would bring investment and increase job opportunities, but in reality it would have the adverse impact, he stated.

In the garb of “Make in India”, the FDI would set up ”assembling units” that would destroy all small and medium industrial units in the country and throw hundreds of thousands out of jobs.

Sudhakar Reddy deplored that the relaxation in the clause for 30 per cent local procurement would adversely affect all the sectors, including agriculture. The FDI in the Defence sector would push us to dependence on US-Israeli clique and have adverse impact on our security as well as sovereignty.

Opening the Pharma sector will pave way for merger and take over in this sector, establishing monopoly of foreigners on pharmaceutical products.

The CPI called upon all working class people, democratic forces to strongly oppose this disastrous decision of the Modi government.
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