Thursday, Mar 28 2024 | Time 14:07 Hrs(IST)
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Business Economy


CITU demands withdrawal of decision to ease FDI norms

New Delhi, Jun 21 (UNI) Fearing loss of employment at a time when job creation is required, Left-backed Centre of Indian Trade Unions (CITU) has demanded the withdrawal of the decision to ease the Foreign Direct Investment (FDI).
In a statement issued here, CITU said it would oppose “sweeping changes” in FDI norms for key sectors, such as defence, aviation, pharmaceuticals and food processing.
“The decision to ease norms to increase FDI in strategic and sensitive sectors such as defence, aviation shows the subservience of the government to the interests of big multinational corporations and international finance capital and its willingness to sacrifice the interests of our own country and its people,” CITU said.
CITU General Secretary Tapan Sen said, “Most of the foreign money that has come into the country is only for purchasing equity in the existing companies; not to invest in new production. It has not generated any new employment.”
Central trade unions have already given a call for a countrywide general strike on September 2, while the Joint Action Committee of Central and State government employees has given notices for a strike on July 11, on a 12-point charter of demands that includes withdrawal of the government decision to increase FDI in insurance, defence and railways.
CITU said, “The decision to ease norms to increase FDI in strategic and sensitive sectors like defence, aviation shows the subservience of the government to the interests of the big multinational corporations and international finance capital and its willingness to sacrifice the interests of our own country and its people. The PMO has proudly proclaimed that India has now become 'the most open economy in the world for FDI.”
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