The Hindu Business Line : Left parties not to soften stand on FDI

Mr Sitaram Yechury, Polit Bureau Member, CPI (M) (left), being welcomed by Mr M.K. Sanghi, President, Assocham, at an interactive session on India's Economic Agenda with Left party representatives in the Capital on Tuesday. Also seen is Mr D. Raja, National Secretary, CPI. — Ramesh Sharma

New Delhi , Oct. 19

THE Left parties will not soften their stand on foreign direct investment (FDI) in any critical sector until these result in manufacturing, create employment opportunities and upgrade the technological skills of the domestic industry, Mr Sitaram Yechury, Polit Bureau Member, CPI (M) said today.

Inaugurating a seminar on `India's Economic Agenda' organised by the Associated Chambers of Commerce and Industry of India (Assocham), Mr Yechury announced that the Left parties are firmly of the view that the foreign investors in India have so far failed to create demand by avoiding participation in manufacturing and technological transfer.

He indicated that if any FDI, whether in telecom, insurance or in civil aviation, leads to increased manufacturing activities and creation of demand as also technology transfer, the Left parties can think of not opposing it, according to an Assocham statement.

According to him, liberalisation of the economy has not succeeded in improving the purchasing power of rural populace and its impact has largely been confined to urban India, the beneficiary of which has been a particular section of the society.

According to the statement, Mr D. Raja, National Secretary, CPI, while speaking on the occasion accused industry of getting away from its social responsibilities and added that the job reservation issue is still alive and industry will have to respond affirmatively.

More Stories on : Politics | Foreign Direct Investment

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Left parties not to soften stand on FDI

Naxal leaders not satisfied with round one