Cong will support FDI proposals, but with riders

The Congress is all set to support the NDA Government’s proposal in Parliament to increase the FDI limit in various sectors, but with some riders. The party will demand an answer from the BJP on why it had created a “policy paralysis” by opposing the UPA’s FDI proposals, in and outside Parliament.

The Congress said it will take a consistent position on the issue of increasing FDI limits in various sectors. “The one-year delay in implementing these proposals has caused much to the economy,” party spokesman PC Chacko told reporters on Friday.

Chacko said Narendra Modi had earlier termed the decision to increase FDI in insurance as anti-national. “He had tweeted that the UPA is going to sell the country,” Chacko said.

He further said the Congress has been maintaining that there is scope for improving the insurance sector. “FDI in this sector can improve the situation,” he said. “We were subjected to the worst criticism that we are selling out the country. But now even the defence sector is being opened up,” Chacko said.

He said the BJP has no definite view on the process of liberalisation. “We are supporters of the liberalisation process. But we had taken enough steps to ensure the protection of poor people. But now the BJP is trying to stop our programmes,” he said.

Another senior leader told BusinessLine the Congress will not oppose the FDI proposals. “These are our policies. The NDA is copying them. We have no moral right to oppose them. So we will support them in Parliament. A decision will be taken when the matter reaches Parliament and its standing committees,” he said.

The leader, a former Minister, said the then Finance Minister P Chidambaram had personally met BJP leaders LK Advani, Sushma Swaraj, Arun Jaitley and Yashwant Sinha on raising the FDI cap in insurance. “All of them turned him away. Happy that all of them have changed their stand now. But why this double-talk?” the leader wondered.

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