Tag Archives: FDI

Begging for FDI – 3 top leaders in US

12 Friday Jul 2013

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Three of the top figures of Government of India are in US. They are Finance Minister P.Chidambaram, Dy. Chairman Planning Commission Dr. Montek Singh Ahluwalia and Commerce Minister Anand Sharma. Why these three heavy weights are in US at the same time. It is no secret. It is openly stated that they have gone for getting more investment to India. And for that these ministers are giving presentations of what the government of India will do to help the investors. First of all, the tax concerns of the US investors will be addressed. It means that the tax burden will be reduced. They want to give the message that India is ‘open for business’. The Ministers are already in touch with the corporates and relax every tax rules in India to bring them in.

Is India in such a bad situation, where every rule has to be relaxed to attract FDI? If it is so, who is responsible? It is the same UPA government who has been ruling the country for the last 9 years continuously. Instead of surrendering to the dictats of the MNCs, the government should stand on its own terms.

PM strongly back 100% FDI in Telecom

10 Wednesday Jul 2013

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This is not surprising. The Prime minister Dr. Manmohan Singh has strongly backed the proposed increase of 100% FDI in Telecom. In fact, it is his own child. The government is trying to sell the family silver in a massive way to favour the MNCs and get some money, which is not worth even 25% of the assets.

It is also reported that he is favouring the increase of FDI from 26% to 49% which has been strongly opposed by the Defence minister A.K.Antony who termed the proposal as retrograde.

Only a very strong and committed movement can save the country from this government, who is only the manager, from selling the assets of the country whose real owners are the people of this country.  At this time people have started recollecting the entry of East India Company in India, which heralded the British rule for two centuries. History repeats, but in new form and new ways. Unless one learns lessons from history and reacts, the future will be in peril.

FDI to 76 % or 100% for Defence units in SEZ

03 Wednesday Jul 2013

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Maximum expenditure of the government goes to defending the country. Lakhs of crore rupees are spent on purchasing defence equipment  from US, Israel and other countries. Not much publicity is not given to these deals, since they are connected with defence. Any government in the world will like defence equipment manufactured in their own countries due to the security concern. The position of India can not be otherwise.

But what is happening in India is curious. Defence equipment were being manufactured in the Defence Factories. These are being reduced. MNCs are private companies are allowed to produce them in the Special Economic Zones where many labour and tax conditions are waived or reduced. But now the government is going much more in support of the private capital to maximise their profit. It is proposing to increase the FDI in this sector which at present is 26%. While the Arvind Mayaram Committee which looked in the matter has recommended increase to 49%, the Commerce Minister Anand Sharma is battling for more, at least to 74%. A lobby in the government is trying to make it 100%.

IN the present situation when increasing the FDI in every sector is one of the most important policy of the government to please the imperialist countries headed by US and the MNCs, anything can happen! FDI seems to be more important than defence and security of the country.

Oppose proposal for 100% FDI in Telecom

19 Wednesday Jun 2013

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The Mayaram Committee looking in to the FDI issue has given drastic recommendations for removing the FDI cap in many sectors including Telecom.

At present FDI in telecom is capped at 74%. However, the government has not been very strict resulting in more than 74%. The telecom corporates have been continuously pressurising the government to increase FDI. The panel headed by Aravind Mayaram, Secretary, Department of Economic Affairs, has now recommended the same. The BSNL workers strongly oppose this move which will result in complete control of the MNCs in this sector which is against the interest of the country and security risk. e strongly oppose this proposal and demand the government not to increase the FDI in telecom.

It is not only in telecom that the FDI is recommended to be increased. In another important sector, the Airlines, again 100% FDI is recommended along with that of Private Security Agencies. Multi-Brand Retail it recommends 74% raising it from the present 49%.In  Defence, FM Radio, Print Media, it wants to increase from the 26% to 49%. In Public Sector Banks, the proposal is to increase to 49% from the present 20%.

The Finance Minister has earlier stated that more reforms will brought and the Prime Minister’s support is there for the move.

A strong movement against the FDI is required.

 

Don’t increase FDI in Telecom

15 Saturday Jun 2013

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The reported proposal of the Department of Telecom (DOT) to increase the FDI from the present 74% to 100 % is completely against the interest of the country. Even with 74% FDI, the control of many telecom companies have already passed to the MNCs. The government is completely unable to control any of these MNCs. Income Tax notice for about 14,000 crore has been issued to Vodafone, but not only it has not paid the same, but is threatening the government that it will go to international arbitration. The Finance Minister has meekly proposed for conciliation to reduce the taxes, but Vodafone does not want even to pay a single paisa.

The decision of the government that at least 30% of the telecom manufacturing should be from India will be a mirage if 100% FDI is allowed. All the international telecom companies have opposed the decision and are putting pressure on the management to drop it.

What is the role of these telecom MNCs in the  reported espionage of all communications by the US Intelligence Agency is still to come out. But there  can not be smoke with out fire.

The security of the country, domestic manufacture and R&D can not be put at the mercy of the telecom MNCs. If 100% FDI is allowed, within no time, all the Indian companies will be grabbed by the MNCs.

The present proposal for 100% FDI in Telecom is to be strongly opposed and defeated.

Protest Government move to increase FDI in Defence

05 Wednesday Jun 2013

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According to the Chief Economic Advisor to the government, Raghuram Rajan, the government is proposing to increase Foreign Direct Investment (FDI) in some sectors including Defence. At present FDI in Defence is 26%. FDI was implemented in defence despite protest from the Employees’ Unions.

In a very strategic and security sector like Defence, increasing the FDI has to be strongly protested not only by the employees but by the political parties. The scams and corrupt practices in Defence sector is going to further increase if the FDI increases.