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Business EconomyPosted at: Jul 16 2016 6:42PM


'Follow Brexit, pull out of global market': G Sanjeeva Reddy

Haridwar, Jul 16 (UNI) As England pulled out of European market, it is high time that India also should quit the global market in national interest, president of the INTUC and the convener of the joint national council of the 12 major labour unions of the country, G Sanjeeva Reddy said today.
Mr Reddy, while interacting with mediapersons said,''Narendra Modi government’s policy of allowing 100 per cent FDI in all sectors, including the key sectors, such as defence, banking and insurance, was against national interests, as the big foreign companies coming to India would drain out huge amounts of profit from our country.''
He said, ''the FDI should not be allowed in key sectors at all and in other sectors too the maximum limit of 20 per cent -25 per cent should be fixed. FDI should be permitted in those sectors only in which there is no indigenous manufacturing.''
He alleged that Mr Modi's government was anti-labour and the labour unions vehemently opposed the Center’s labour reforms policy which stipulated the merging of the existing 40 labour laws into six, which are not labour friendly.
He further said the figure of 7.5 per cent, GDP growth of the country was not genuine, since the parameters of growth were modified for the determination of the growth percentage of economy.
He also lambasted the Center for low investment of the GDP in social sector.
“While in the western countries nearly 55 per cent of the GDP was spent in social sector, in India it was as low as 1.5 per cent”, he said.
He also disapproved of the Center’s policy of disinvestment of the PSUs.
“The government has identified 75 sick industries. Efforts should be made to revive these industrial units and disinvestment should be resorted to only as a last step”, he said.
He informed that all the labour unions would go on one day nationwide strike on September 2 to register their protest against the labour reforms mooted by the central government.
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Tags: #''Follow Brexit# pull out of global market'': G Sanjeeva Reddy
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