New Delhi: Two Left parties hit out at the Centre on Thursday over the country’s economic situation and demanded reversal of its decision to allow 100 per cent foreign investment in coal mining.
In a fresh round of FDI reforms, the government on Wednesday allowed 100 per cent foreign investment in coal mining and contract manufacturing, eased sourcing norms for single-brand retailers and approved 26 per cent overseas investment in digital media as it looks to boost economic growth from a five-year low.
The CPI(M) in a statement said, “The politburo of the CPI(M) strongly opposes the decision of the Union Cabinet to allow 100 FDI in coal mining… This reckless measure will enable foreign companies to plunder the mineral resources of our country.” “This decision will also have a harmful effect on Coal India Ltd which is the premier national coal miner,” it said.
The party also said the decision to relax FDI norms for single-brand retailers to comply with sourcing regulations is also “retrograde” and will adversely affect the vast retail trade sector in the country and demanded that the government reverses all these measures.
The CPI, in a separate statement, said the government’s announcement of new measures to give the economy a boost was an “admission” that it has failed to address issues like unemployment and growth.
“Having admitted the crisis, government is resorting to reviving economy through foreign investments. This has failed so far and in fact is the reason for the present crisis. Taking advantage of the crisis, the government is planning to sell national assets to foreign investment and private interest,” it said.
BJP serving interests of foreign firms: Congress
The Congress on Thursday accused the Modi government of helping the interests of foreign companies by allowing relaxation in sourcing rules of 30 per cent local products and permitting online sale in single brand retail.
Congress chief spokesperson Randeep Surjewala said the announcement is not in consonance with ‘Start-Up India’ and ‘Make in India’ initiative and discourages local entrepreneurs and businesses.
“The BJP government has done grave damage to the interests of Indian traders and shopkeepers by giving huge relaxation in FDI rules to foreign companies,” he said in a statement.
The Congress leader alleged that the Modi government is “engaged in helping the interests of foreign companies” by fulfilling their wishes. (PTI)
